Cloud file-sharing company
Box has beaten analyst’s quarterly expectations. The company, which competes with the likes of Dropbox, Google Drive and Microsoft’s OneDrive, has headquarters in Los Altos, California, USA (Silicon Valley). Like its competitors, Box specializes in providing secure content management and collaboration for individuals, teams and businesses.
The company lost $33.1 million on $73.5 million in revenue for the second quarter of the 2016 fiscal year (ending July 31). This beat analysts’ expectations of $69.81 million in revenue. Box’s revenue for the second quarter increased 42.8% on the same period last year. According to the company, it now has 50,000 customers paying subscriptions. In addition, businesses are deploying Box more readily.
The news comes on the heels of the company’s Initial Public Offering in January of this year – the first IPO of 2015. The company’s value jumped 66% as a result of the IPO. It also comes in the wake of its recent partnership with IBM. The company’s shares increased 2% following the announcement of its earnings.
“We delivered another strong quarter with year over year revenue growth of 43% and billings growth of 45% driven by new and expanding customer deployments,” explained Box’s CEO and co-founder, Aaron Levie. “We continue to invest in our core platform while adding new products like Enterprise Key Management and Governance that augment our ability to capture demand in the broader enterprise content management market. Later this month at BoxWorks, we’ll announce several more innovations and showcase how our customers are leveraging Box to transform their businesses.”
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