Box posts record revenue in Q1

The cloud content management company beat market estimates for the quarter and gave a Q2 outlook in line with expectations; however, shares were down in after-hours trading.

Box on Wednesday published its first quarter fiscal 2019 results, slightly beating market estimates. Its Q2 guidance is in line with estimates. Still, shares were down in after-hours trading.

The cloud content management company posted a non-GAAP operating loss of $9.2 million, or a net loss of 7 cents per share. Revenue came to a record $140.5 million, up 20 percent year-over-year.

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Wall Street was looking for a net loss of 8 cents per share on revenue of $139.62 million.

Box grew its paying customer base in the first quarter to more than 85,000 businesses, including new or expanded deployments with organizations such as the City of Philadelphia, DARPA, Hitachi High Technologies and Mitsubishi Motors Corporation.

Billings came to $116.7 million, up 17 percent year-over-year. Free cash flow came to $7.3 million, up $3.2 million year-over-year.

"In the first quarter, we drove strong attach rates for new products, expanded our international customer base and delivered product innovation and security for some of the largest and most regulated enterprises in the world," CEO Aaron Levie said in a statement. "Our focus on security and collaboration, as well as our vision for artificial intelligence, continues to resonate."

For the second quarter, Box gave an outlook of non-GAAP losses per share in the range of 6 cents to 5 cents on revenue in the range of $146 million to $147 million. For the full fiscal year 2019, the company expects non-GAAP losses per share in the range of 19 cents to 16 cents on revenue in the range of $603 million to $608 million.