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Box Inc. CEO Aaron Levie
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Box Inc. shares initially dipped 7% in after-hours trading Tuesday after it announced third-quarter results roughly in line with analyst projections.
Box BOX, -0.80% reported a net loss of $5.3 million, or 3 cents a share, compared with a net loss of $40.9 million, or 28 cents a share, in the year-ago quarter. Box’s non-GAAP EPS was 20 cents, topping the Street consensus of 14 cents.
Revenue rose 11% to $196 million from $177.15 million a year ago, on strong enterprise sales.
“We continue to see momentum as more customers move to the cloud,” Box Chief Executive Aaron Levie told MarketWatch in an interview shortly after the results were announced. Strength in sales to financial services and health-care organizations made up for dips in business for customers in travel, hospitality and small business, he added.
Analysts surveyed by FactSet had expected EPS of 14 cents a share on revenue of $194.3 million.
Box shares are up 10% this year, while the broader S&P 500 index SPX, +1.12% has climbed 13%.
