Box beats market expectations for Q2

The cloud storage and content management firm reported record quarterly revenues while raising guidance for the full fiscal year.

Box released its second quarter financial results for fiscal 2017 on Wednesday, narrowly beating market estimates.

The cloud storage and content management firm reported a net loss of 14 cents a share, compared to 28 a share in the second quarter of fiscal 2016. The company reported record quarterly revenues of $95.7 million, an increase of 30 percent from the second quarter of fiscal 2016.

Wall Street was expecting a net loss of 19 cents a share on revenue of $94.65 million.

Billings grew 34 percent year over year to $106.5 million, as the company added more than 4,000 new paying customers for the quarter. Box's paying customer base now stands at 66,000 businesses.

The quarterly results "reflect our clear differentiation as the leading enterprise content platform", said Box CEO Aaron Levie in a statement. "Our excellent sales execution and traction with new products drove deals with 4,000 new customers and expanded deployments with leaders such as Pfizer, Electronic Arts and Uber."

Looking ahead to the third quarter, the company expects to report a net loss of 20 cents to 19 cents a share on revenue of about $100 million to $101 million. For the full fiscal year, Box is raising its guidance: revenue is now expected to be in the range of $394 million to $396 million, raised from previous guidance of $391 million to $395 million. It's expecting a net loss in the range of 69 cents a share to 67 cents a share.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All