Box (NYSE:BOX) earnings for first quarter of fiscal 2021 have its stock on the move after markets closed on Wednesday. The company reported adjusted earnings per share (EPS) of 10 cents on revenue of $183.56 million. These are both better than Wall Street’s estimates of 5 cents per share and revenue of $181.91 million.
Here are some additional highlights from the most recent Box earnings report.
- Adjusted per-share earnings are a positive switch from adjusted losses per share of 3 cents in the same period of the year prior.
- Revenue for the quarter comes in 12.6% higher than the $162.97 million reported in the first quarter of fiscal 2020.
- Operating loss of $24.24 million is 31.5% better year-over-year compared to $35.38 million.
- The Box earnings report also has net loss coming in at $25.55 million.
- That’s a 30.6% improvement over the company’s net loss of $36.83 million from the same time last year.
Dylan Smith, co-founder and CFO of Box, said this about the Q1 earnings report:
“In the first quarter, we delivered strong top and bottom line results despite a challenging macroeconomic environment. Our heightened focus on driving expansion and renewals in our existing customer base, combined with a predominantly recurring revenue model, create strong financial resiliency in light of this dynamic situation.”
Box also includes a 2020 guidance update in the current earnings report. It expects adjusted EPS of 47 cents to 52 cents on revenue of $760 million to $768 million. Meanwhile, Wall Street is looking for adjusted EPS of 38 cents on revenue of $762.21 million for the year.
BOX stock was down 2.4% after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.