Box Q3 tops estimates as cloud company nears profitability

Box CFO Dylan Smith said the company expects to deliver its first quarter of non-GAAP profitability in its fiscal Q4.

Box to expand workflow automation with Progressly purchase Box said Progressly will help the company support Box customers looking to digitize and automate business processes. Read more: https://zd.net/2J22Tjf

Enterprise cloud company Box said on Wednesday that it expects to deliver its first quarter of non-GAAP profitability in its fiscal Q4.

"With more than 40 percent growth in deals worth more than $100K and our attach rate for add-on products increasing to over 80 percent of these deals, we are capturing our market opportunity while driving continued leverage for long-term growth," said Box CFO Dylan Smith, in a statement for the company's third quarter financial results, released today.

As for the rest of the company's numbers, Box reported a Q3 net loss of $39.5 million, or 28 cents per share. On a non-GAAP basis, the net loss was 6 cents per share on top of $155.9 million in revenue, up 21 percent year over year.

Also: Box brings its users' content to Quip's collaboration platform

Wall Street was expecting a net loss of 7 cents per share with $154.6 million in revenue.

Box said Q3 billings were $155.6 million, up 10 percent year over year.

In terms of guidance, Wall Street as is expecting Box to report a Q4 net loss of 2 cents per share on revenue of $164.25 million. Box responded on the low end, saying it expects Q4 revenue in the range of $163.5 million to $164.5 million. However, Box expects its EPS to move out of the red with per-share earnings ranging from 2 cents to 3 cents.

For the year, Box expects revenue to be in the range of $608.2 million to $609.2 million, with the non-GAAP net loss between 15 cents and 16 cents. Analysts are expecting revenue of $607.52 million with the non-GAAP net loss at 18 cents a share.

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