Box Inc. (NYSE: BOX) on Tuesday announced that fiscal second quarter revenue and earnings that beat analyst’s expectation. But the guidance for third quarter fell short of analysts’ estimates, sending the stock down over 10%.
The cloud storage provider said revenue rose 21% to USD 148.2 Million in the quarter ended July 31st, 2018, beating analysts’ estimate of USD 146.5 Million, according to Thomson Reuters.
Excluding certain items, the Company posted loss of 5 cents per share, compared to loss of 11 cents per share a year earlier. Analysts polled by Thomson Reuters had projected loss of 6 cents per share.
Paying customer base grew to more than 87,000 business customers, up from more than 85,000 in the previous quarter.
“Driving deeper relationships with customers such as JLL, Nationwide and Societe Generale, as well as focusing on strategic solution sales, led to another quarter of strong attach rates for add-on products like Box Governance, Zones and Platform,” said Aaron Levie, Co-Founder and CEO of Box. “Our approach to providing a single, neutral platform for cloud content management with enterprise-grade security and powerful workflow capabilities positions us to help the world’s largest and most regulated enterprises digitize their workplace and business processes.”
For fiscal third quarter, the Company expected revenue to be in the range of USD 154 Million to USD 155 Million. For the full year, revenue is expected to be between USD 606 Million to USD 608 Million.
Box shares fell as much as 8.32% to USD 24.4 per share in the early trading on Wednesday.