- GettyImages/Lisa Lake
- Shares for the enterprise file sharing platform Box were down more than 13% on Wednesday following the company’s fourth quarter 2018 earnings.
- Box’s guidance for the current quarter, which ends April 30, came in below Wall Street expectations.
- Earnings for the fourth quarter otherwise met analyst expectations, with $13.67 million in revenue, up 24% from the year before.
The cloud storage company Box saw its share slide down the proverbial cliff on Wednesday after reporting its latest quarterly earnings.
Shares traded around $20.84 per share after hours on Wednesday, down 13.36% from its price of $24.06 at the closing bell.
This drop follows the company’s revenue guidance for the current quarter, which fell well below Wall Street expectations. Box reported that it expects to see $139 million to $140 million in revenue for the quarter ending on April 30, while analysts expected the company to forecast $144.27 million.
Box also told analysts that it expects to post a wider loss per share for the current quarter, too. The company said it expects adjusted losses between $0.08 and $0.09 per share, while analysts estimated losses of just $0.08.
While the forecast was gloomier than expected, Box’s earnings report for the fourth quarter of 2018 was otherwise in line with Wall Street expectations. Box reported $136.7 million in quarterly revenue, up 24% from the year before. Analysts expected $136.71 million in revenue.
Box, which went public in 2015, is still not profitable. The company reported an operating loss of $32.5 million over the quarter on a GAAP basis, about 24% of its revenue. That’s a big uptick from the year before, when it saw an an operating loss of $32.5 million, or 33% of its total revenue.
This in contrast to Dropbox, one of Box’s biggest competitors in the cloud storage space, which filed its S-1 to go public late last week. Dropbox reported 300,000 paying teams on its platform, and about $1.1 billion in annual revenues – though it’s not profitable, either.