Box Inc's quarterly revenue topped Wall Street estimates on Wednesday and the company reported a smaller-than-expected loss as the cloud storage provider added more customers.
Box Inc’s quarterly revenue topped Wall Street estimates on Wednesday and the company reported a smaller-than-expected loss as the cloud storage provider added more customers. Shares of Redwood City, California-based company rose nearly 6 percent in extended trading. Box, which also competes with Microsoft Corp’s OneDrive and Google’s Drive, had more than 90,000 paying customers in the quarter, up from 87,000 in the previous quarter.
For full year 2019, Box forecast an adjusted loss of between 15 cents and 16 cents per share, while analysts, on average, were expecting a loss of 17 cents per share, according to IBES data from Refinitiv. The company also forecast current quarter revenue between $163.5 million to $164.5 million and said it expects to post an adjusted profit between 2 cents to 3 cents per share.
Analysts were expecting the company to report a profit of 2 cents per share on revenue of $164.3 million, according to IBES data from Refinitiv. Excluding items, Box reported a loss of 6 cents per share in the third quarter, below the average analyst estimate of loss of 7 cents per share.
The company’s net loss narrowed to $40.2 million, or 28 cents per share, in the quarter ended Oct. 31, from $42.9 million, or 32 cents per share, a year earlier. Revenue rose 20.6 percent to $155.9 million. Analysts were expecting revenue of $154.6 million.