Box Q3 results in line with market estimates

While the results were largely in line with market estimates, Box shares fell in after-hours trading.

Box reported its financial results for the third quarter of fiscal 2018 on Wednesday.

While the results were largely in line with market estimates, Box shares fell in after-hours trading.

The cloud content management company reported a non-GAAP operating loss of $17 million, or 13 cents per share. By comparison, the company posted an operating loss of $17.3 million, or 14 cents per share, a year earlier. Its revenue came to $129.3 million, up 26 percent year-over-year.

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Wall Street analysts were expecting on average a net loss of 13 cents per share on revenue of $128.64 million.

"In Q3, we continued to extend our lead in cloud content management by innovating on our core products and by unveiling new capabilities like Box Skills and Box Graph that will help enterprises bring AI and machine learning to their content in Box," CEO Aaron Levie said in a statement. "By making Box the most intelligent and secure cloud content management platform, we are becoming more and more critical to powering our customers as they modernize their businesses and drive digital transformation."

The company grew its paying customer base to 80,000 businesses in Q3 and highlighted new or expanded deployments with major organizations like Foster Farms, LionsGate and the US Food and Drug Administration. Billings for the quarter came to $141.5 million, up 26 percent year-over-year.

For the fourth quarter, Box anticipates a non-GAAP net loss per share between 8 cents and 7 cents, with revenue in the range of $136 million to $137 million.

Wall Street analysts have on average estimated Box's Q4 revenue to hit $136.82 million.

For the full fiscal year 2018, the company is expecting a non-GAAP net loss per share between 45 cents and 44 cents, with revenue in the range of $505 million to $506 million.

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