Box beats Q3 estimates, raises outlook for fiscal year

The enterprise cloud company also marked a corporate milestone in terms of quarterly revenue.

Box CFO Dylan Smith and CEO Aaron Levie.

Box published solid third quarter financial results after the bell on Wednesday, and it marked a corporate milestone in terms of quarterly revenue.

The enterprise cloud company reported a net loss of $38.2 million, or 30 cents per share, compared to a net loss of $55 million the same quarter a year ago.

On a non-GAAP basis, the loss was 14 cents per share on top of $102.8 million in revenue, up 31 percent year over year.

Wall Street was bracing for a loss of 19 cents per share with $101 million in revenue.

Box CEO Aaron Levie said the revenue total marked Box's first-ever $100 million quarter. Box also raised its guidance for the fiscal year. The company's shares started to pick up quickly in after-hours trading in reflection of the better than expected results.

Among the highlights of the quarter, Box said it grew its paying customer base to over 69,000 businesses including new or expanded deployments with firms such as Hertz, HULU, Southwest Airlines, and the US Department of the Treasury.

In terms of guidance, Box says it now expects fiscal 2017 revenue in the range of $397 million to $398 million, above its previous guidance of $394 million to $396 million. Earnings are expected to be between 59 cents and 60 cents a share.

For the current quarter, Box forecasts revenue in the range of $108 million to $109 million with an earnings per share loss between 13 cents and 14 cents.

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