Box's Q3: Meets loss expectations, trumps revenue, outlook strong
Box published fiscal third quarter financial results after the bell on Wednesday, effectively satisfying and also beating some analyst expectations.
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On a non-GAAP basis, the loss rang up at 31 cents per share on a revenue of $78.7 million, up 38 percent year-over-year.
Wall Street was bracing for a loss of 31 cents per share with $76.76 million in revenue.
Box boasted it also over 4,000 new customers during the quarter. That puts Box's paid customer base at roughly 54,000 businesses, which are said to span 55 percent of the Fortune 500. Box also now retains more than 41 million registered users worldwide.
Box co-founder and chief financial officer Dylan Smith underscored in the Q3 report that the company is on track to get out of the red by the "fourth quarter of our next fiscal year."
To get there, CEO Aaron Levie noted Box will continue to push its platform and governance offerings as the Silicon Valley brand continues to go after more organizations in regulated industries.
"Enterprises in every industry are moving content to the cloud by investing in modern platforms that accelerate employee productivity and replace legacy systems," Levie wrote.
For the current quarter, Wall Street is expecting Box will maintain a loss at 31 cents per share with $80.82 million in revenue.
Box responded with a Q4 revenue guidance range of $81 million to $82 million.
For fiscal 2016 overall, Box upped its revenue guidance range to $299 million to $300 million. The previous range was set at $295 million to $297 million.