Box (NYSE:BOX) stock is on the rise Wednesday and it’s thanks to the company’s earnings report for the third quarter of fiscal 2022.
The positive news for BOX stock today starts with the cloud storage company’s adjusted earnings per share of 22 cents. That beats out Wall Street’s EPS estimate of 21 cents for the quarter. It also comes in higher than the company’s adjusted per-share earnings of 20 cents from the same time last year.
To go along with that, Box reported revenue of $224 million in its most recent earnings report. That’s another win for BOX stock compared to analysts’ revenue estimate of $218.5 million for the period. In addition to that, the company’s revenue is up 14% year-over-year.
Box’s outlook for the fourth quarter of fiscal 2022 is another positive for its stock today. This includes adjusted EPS ranging from 22 cents to 23 cents on revenue of $227 million to $229 million. That’s looking good next to Wall Street’s Q4 estimates of 22 cents per share and revenue of $222.93 million.
Dylan Smith, co-founder and CFO of Box, said the following in the earnings reporting boosting the company’s stock today.
“We achieved strong third quarter results, marking our third consecutive quarter of accelerating revenue growth. Strong Suites momentum is accelerating customer traction and adoption, driving a third quarter Net Retention Rate of 109%, up 600 basis points from 103% in the year ago period and up 300 basis points sequentially.”
BOX stock is up 11.5% as of Wednesday afternoon and is up 46.6% since the start of the year.
Investors looking for more stock market news today will want to keep reading!
We’ve got traders covered with all the latest stock market happenings for Wednesday. That includes the layoff news hitting iQIYI (NASDAQ:IQ) stock, BeyondSpring Pharmaceuticals (NASDAQ:BYSI) shares falling on FDA news, as well as what to know about the upcoming Nubank IPO. You can find all of that info at the following links!
More Stock Market News for Wednesday
- iQIYI Layoffs: 10 Things for IQ Stock Investors to Know About the Massive Job Cuts
- BYSI Stock Alert: Bad News From the FDA Has BeyondSpring Tanking Today
- Nubank IPO: 12 Things for Potential Investors to Know About the Buffett-Backed Brazilian Fintech
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
