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Box First-Quarter Results Beat Estimates As It Raises Revenue Outlook

Box (BOX) reported first-quarter results late Thursday that beat on the top and bottom lines and raised revenue guidance for the year. Box stock wavered.




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The company reported adjusted earnings of 18 cents a share on revenue of $202.4 million. Analysts expected Box to report earnings of 17 cents on revenue of $200.4 million, according to FactSet. Revenue climbed 10% from the year-ago period.

Box stock, after being up a fraction, slipped 0.3%, near 22.80, during after-hours trading on the stock market today.

Results were for its first quarter of fiscal year 2022, ended April 30.

Box specializes in the field of cloud-based business collaboration and content management services and software. Founded in 2005, Box held its initial public offering in January 2015, pricing Box stock at 14.

Box Stock: Revenue Outlook Raised

The company raised its 2022 revenue outlook to a range of $845 million to $853 million, above analyst estimates of $840 million.

It said deferred revenue as of April 30 climbed 15% to $423.2 million from the year-ago period. In addition, billings rose 24% to $159.4 million. Also, Box raised its non-GAAP operating profit expectations for the year.

“The strategy we’ve been executing on is yielding positive results as reflected in our strong start to FY22 and we’re poised to build on our leadership and drive our next phase of growth,” Chief Executive Aaron Levie said in written remarks with the Box earnings report.

Box stock is up 28% this year.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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