Box tops Q2 estimates, issues strong full year guidance
Box delivered better-than-expected second quarter financial results on Wednesday. The enterprise cloud company reported a net loss of $36.2 million, or 25 cents per share, compared to a net loss of $38.1 million the same quarter a year ago.
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On a non-GAAP basis, Box's EPS was flat at zero cents on top of $172.5 million in revenue, up 16% year over year. Wall Street was expecting a loss of 2 cents per share with $169.53 million in revenue.
Box said Q2 billings were $172.9 million, up 6% year over year. Additionally, Box said deals worth more than $100,000 were up 36% year over year, and that add-on product attach rates across six-figure deals were "strong" at 80%.
In terms of guidance, Box is forecasting Q3 revenue in the range of $174 million to $175 million with an earnings per share loss of either one cent or break even. Analysts are expecting a loss of a penny per share with revenue of $174.51 million.
For the year Box expects revenue to be in the range of $690 million to $692 million with EPS ranging from zero to 2 cents. Wall Street is expecting revenue of $689.82 million with flat earnings. Shares of Box were down more than 6% after hours.
"We remain focused on driving long-term growth as enterprises implement our more robust product portfolio," said Box CFO Dylan Smith. "We continued to deliver operational efficiencies in the second quarter on our path to achieving our first full year of non-GAAP profitability in FY20, and we are committed to delivering meaningful operating margin improvements in FY21 and beyond."