Box stock rises as sales, earnings beat estimates

Box stock rises as sales, earnings beat estimates

Box Inc. reported fiscal third-quarter results that beat the top and bottom lines and raised full-year revenue guidance, sending shares up nearly 9.5% in extended trading Tuesday.

The results “show the continued momentum of our long-term growth strategy as more customers turn to Box to deliver secure content management and collaboration,” Box Chief Executive Aaron Levie told MarketWatch. Levie noted “deeper integrations” of product accords with Microsoft Corp. MSFT, -1.79%, Salesforce.com Inc. CRM, -3.97%, and Zoom Video Communications Inc. ZM, -3.46%.

Levie, who triumphed in a power struggle with activist investor Starboard Value, called the quarter “further evidence of a strong strategic path we are on.”

The cloud-computing company BOX, -3.14% reported a net loss of $13.9 million, or 12 cents a share, compared with a net loss of $5.3 million, or 3 cents a share, in the year-ago quarter. The company reported adjusted net income of 22 cents a share.

Revenue rose 14% to $224 million from $196 million a year ago.

Analysts surveyed by FactSet had expected net income of 21 cents a share on revenue of $218.6 million.

The company raised its fiscal 2022 revenue guidance to between $868 million and $870 million, surpassing the $858.5 million forecast by analysts polled on FactSet.

Shares of Box have surged 30% this year. The broader S&P 500 index SPX has gained 22% in 2021.

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