Box Inc (BOX) Stock Takes a Hit on In-Line Loss

Revenue surged 26%, loss is narrower than a year ago

Box Inc (NYSE:BOX) reported its latest quarterly earnings results after the bell Wednesday.

Box Inc (BOX)The cloud content management and file sharing service provider unveiled mixed results as its earnings came in at a loss of 13 cents per share for its third quarter, meeting analysts’ expectations. The figure was narrower than the year-ago loss of 14 cents per share.

Box improved from the revenue front, raking in $129.3 million, which was ahead of the Wall Street consensus estimate of $128.6 million. The company’s sales were a 26% improvement year-over-year.

Billings for the company’s third quarter of fiscal 2018 amounted to $141.5 million, which also marked a 26% surge year-over-year. The company also had a free cash flow of $6.3 million, which was $17.2 million better than in the year-ago quarter.

“In Q3, we continued to extend our lead in cloud content management by innovating on our core products and by unveiling new capabilities like Box Skills and Box Graph that will help enterprises bring AI and machine learning to their content in Box,” said Aaron Levie, co-founder and CEO of Box.

For the current fourth quarter, the company projects that it will lose somewhere between seven cents and eight cents per share, while revenue is slated to arrive at $136.5 million at its mid-point guidance.

BOX shares fell about 3.7% during regular trading hours and declined more than 5.2% after the day’s market close.

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