Box Inc. (BOX) Shares Rally on 4Q Earnings Beat
Shares of Box Inc. (BOX) were trading up +1.61 or +12.86 percent to $14.13 per share in Wednesday’s aftermarket as the company posted better than expected fourth quarter earnings and guidance after the market close. Box Inc. stock closed at $12.52 per share, up +0.45 or +3.73 percent in Wednesday’s regular trading session.
Los Altos, California based Box Inc. is a company that specializes in personal cloud content management and file sharing online.
For the company’s fiscal 2016 fourth quarter, Box reported a net loss of -$0.26 per share, compared to analyst expectations of a -$0.29 loss. Revenue for the quarter came to a record $85 million versus the analyst consensus of $82 million, an increase of +36 percent from the same period one year ago.
Quarterly billings for the quarter were a record $130.2 million, up +59 percent from 2015’s fourth quarter, and significantly higher than the analyst consensus of $107.6 million. Billings for the full year came to $369.1 million, up +50 percent from the $246.4 million the previous year. For the full 2016 year, the company reported revenue of $302.7 million compared to $216.4 million in 2015.
Aaron Levie, Box’s co-founder and Chief Executive Officer said in the company’s press release that, “Fiscal 2016 was a momentous year for Box with record revenue of more than $300 million. With new products like Box Platform, Governance, and KeySafe, and major customer wins in the fourth quarter with AIG, Genentech, Bain Capital, The Home Depot and Unilever, among others, we continue to be the platform of choice as enterprises move their content to the cloud. We achieved higher operating leverage driven by our strong business model and execution, and we remain focused on expanding our customer base, increasing our scale and driving further operational efficiencies.”
In addition to the new products and customers in the fourth quarter, Box developed a number of strategic partnerships with IBM (IBM) and Microsoft (MSFT), which include product integrations with IBM Case Manager and Datacap, integration with Microsoft’s Office 365 and Box for iOS 9. Box now expects first quarter revenue of $88 million to $89 million compared to analyst expectations of $86.5 million with non-GAAP earnings per share of ($0.24) to ($0.23). The weighted average of diluted shares outstanding for the quarter is expected to be around 124 million.
For the full 2017 year, the company expects revenue of $390 million to $394 million with non-GAAP earnings per share of (0.86) to (0.85) with a weighted average of approximately 127 million diluted shares outstanding.
Other News About BOX
Box CEO: Silicon Valley will come together behind Apple
Video interview with Box founder and CEO Aaron Levie discussing the FBI/Apple fight.
Box Inc: How Two Best Friends Launched a Potential Empire
Article on the founding of the cloud and file sharing company.
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