Box (NYSE:BOX) reported its latest quarterly earnings results after hours on Wednesday, posting a profit that topped Wall Street’s guidance, but underwhelming guidance and a weak outlook sent shares sinking after the bell.
The Redwood City, Calif.-based cloud services provider said it posted adjusted earnings of 6 cents per share for its fourth quarter of fiscal 2019, thrice the amount of the Wall Street guidance, according to a Refinitiv guidance. Sales tallied in at $163.7 million, missing the $164.2 million guidance that analysts called for on average, per Refinitiv.
Box CEO Aaron Levie said in the quarterly release that the company experienced weak billing results during these three months, due in part to longer sales cycles for some of its larger deals.
Box also sees its sales as being in the range of $161 million and $162 million for its first quarter of fiscal 2020, missing the average projection of $166.2 million to $175 million that Wall Street calls for, according to Refinitiv. For its fiscal 2020, the cloud content management business is calling for sales in the range of $700 million to $704 million, missing the $713.9 million to $749.9 million that analysts are forecasting.
The company was founded in Mercer Island, Wash. back in 2005. It also offers file sharing services business.
BOX stock is plummeting about 22.7% after hours on the company’s mixed quarter that saw the company’s guidance miss Wall Street’s projection. Shares had been gaining 2.3% during regular trading hours.
