- Thomson Reuters
Box reported second quarter earnings on Wednesday, and it was an overall beat.
Box shares rose after the report, and are wavering between 2% and 3% up after hours.
The enterprise file storage company posted adjusted loss per share of $0.28, beating analyst expectations of a loss of $0.29 per share.
Sales was a beat too, reaching $73.5 million versus the forecast of $69.81 million.
“We delivered another strong quarter with year over year revenue growth of 43% and billings growth of 45% driven by new and expanding customer deployments,” Box CEO Aaron Levie said in a statement.
Box had some big new signups in the past quarter, including Airbnb, LinkedIn, and Twitter. It also signed a huge partnership deal with IBM that will help it reach deeper into the enterprise segment. It says it surpassed 50,000 paying customers globally for the first time this quarter.
The earnings beat could add some confidence in Box shares, which have been trading at record-low levels in recent weeks. Some analysts attributed the loss to the expiration of a lockup period (on top of the overall market correction), which allowed investors to start selling its shares. Box faces another lockup expiration this coming Monday, when executives and employees will be able to start trading their own shares. Following today’s earnings, Box is back above its $14 IPO price, trading at roughly $14.70 after hours.
Box seems to be heading towards the right track, showing continued improvement in revenue and billings. It’s also showing improved operating margins, reporting non-GAAP operating loss of $32.7 million, or 45% of revenue versus last year’s $29.4 million, or 57% of revenue.
Box also raised its guidance for the full year to the range of $295 million to $297 million, from the previous range of $286 million to $290 million.