Box's Q1: Strong revenue and outlook, losses not as bad as expected
In a quiet week for tech earnings, Box published a rather satisfactory first quarter financial results after the bell on Wednesday.
Box: How Aaron Levie and his childhood friends built a $2 billion business
The enterprise cloud company reported a net loss of $47.3 million, or 40 cents per share (statement).
On a non-GAAP basis, the loss was 28 cents per share on top of $65.6 million in revenue, up 45 percent year-over-year.
Wall Street was bracing for a loss of 31 cents per share with $63.70 million in revenue.
Box shares started to pick up quickly in after-hours trading in reflection of the better than expected results.
Box added more than 2,000 customers globally during the quarter, making for a grand total surpassing 47,000. Among the new deals include Deloitte, Chevron, Hewlett-Packard and Chipotle.
"As evident from our healthy customer adoption and strong billings growth of 58 percent year over year, Box has a significant opportunity to help organizations in every industry navigate this shift," wrote Box CEO and co-founder Aaron Levie, in prepared remarks.
The number of paying users on the cloud platform also grew by 70 percent from the first quarter of fiscal 2015, accounting for more than 10 percent of total users.
For reference, Box has roughly 37 million individual registered users overall.
For the current quarter, Wall Street expects Box to post a loss at 30 cents per share with $66.98 million in revenue.
Box responded with a Q2 revenue guidance range of $69 million to $70 million.
The Los Altos, Calif.-based company also upped its annual revenue outlook to $286 million to $290 million from a previous guidance range of $281 million to $285 million.