Box Reports Third Quarter Financial Results | Financial Buzz

Box Reports Third Quarter Financial Results

Box, Inc. (NYSE: BOX), announced financial results for the third quarter of fiscal 2019.  Revenue for the third quarter was USD 155.9 Million, a 21% increase compared to the year prior.  The company grew paying customer base to over 90,000 organization.  It’s BoxWorks event attracted a number of Fortune 1,000 attendees and featured partners such as IBM, Apple and Microsoft.

“Our solution selling strategy continues to gain momentum with strong attach rates for add-on products and large deal growth in the third quarter. With more than 90,000 customers, including BBVA Compass, National Bank of Canada, and Shiseido Company, Box continues to expand its role as a strategic technology partner to power digital transformation for enterprises,” said Aaron Levie, co-founder and CEO of Box. “Businesses need a single, open platform for cloud content management with enterprise-grade security and powerful workflow capabilities, and Box is the only solution with this uncompromising focus.”

“In the third quarter, we delivered solid revenue growth and continued to drive operational efficiencies, and we’re on track to deliver our first quarter of non-GAAP profitability in Q4,” said Dylan Smith, co-founder and CFO of Box. “With more than 40% growth in deals worth more than $100K and our attach rate for add-on products increasing to over 80% of these deals, we are capturing our market opportunity while driving continued leverage for long-term growth.”

Revenue for the fourth quarter is expected to be between USD 163.5 Million and USD 164.5 Million.  Revenue for FY 2019 is expected to range between USD 608.2 Million and USD 609.2 Million.