Box Inc Stock Falls Despite Q1 Earnings and Revenue Beat
Box Inc (NYSE:BOX) shares were sinking as the company reported its latest quarterly earnings results, which came in ahead of Wall Street’s expectations on the profit and revenue fronts.
The cloud content management service provider unveiled adjusted earnings at a loss of 7 cents per share for its first quarter of the current fiscal year. Wall Street was calling for adjusted earnings to come in at a loss of 8 cents per share, according to data compiled by Thomson Reuters.
On the revenue front, Box brought in about $140.5 million, which is better than the $139.7 million that analysts were calling for, according to data compiled by Thomson Reuters. The figure was 20% better than it was in the year-ago quarter.
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The company’s billings revenue saw an increase to $116.7 million, which was better than the Wall Street consensus estimate of $113.1 million, according to FactSet. In the period, Box added about 3,000 paying customers, including Dubai Airports and Komatsu, helping to increase its total to 85,000.
For its second quarter, the company projects an adjusted loss of 5 to 6 cents per share, better than the 7 cents per share analysts predict, per Thomson Reuters. Box forecasts revenue in the range of $146 million to $147 million for the period, with the midpoint of $146.5 million topping the Thomson Reuters guidance of $146.1 million.
BOX stock was surging nearly 2% during regular trading hours, but they eventually fell to a 4.6% decline after the bell despite the company’s strong quarterly earnings showing.
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