Box Inc. predicted its first-quarter revenue to beat Street estimates due to higher demand for its online software products, causing its shares to gain 9% in extended trading.
The company beat fourth-quarter profit and revenue, lifted by its add-on services and the subscription of bigger companies to its products.
As companies move to an online storage and creation of files, cloud storage companies contend in buying major share of the software services, valued at $116 billion this year.
The content management platform contends with other tech heavyweights such as Microsoft Corp’s OneDrive and Alphabet Inc’s Drive.
Box estimates their first quarter revenue to hit $183 million to $184 million, beating analyst estimates of $181.8 million.
In the fourth quarter, revenue climbed to 12.1%, to $183.6 million, beating analyst estimates of $181.6 million.
However, the net loss grew to $30.4 million, or 20 cents per share, compared to the $19.7 million, or 14 cents per share a year ago.
The quarter’s current operating expenses grew to 12.5%, to $155.4 million. Sales and marketing costs accounted to almost half of it.
The Box reported a 7-cent profit per share, higher than 4-percent per share estimate.
BOJ offers $78 billion in loan to virus-hit firms in first phase of lending program05.06.2020
NAB upgrades forecasts for Aussie and kiwi05.06.2020
Gap reports nearly $1 billion first-quarter loss amid the virus outbreak05.06.2020
Broadcom to report earnings and revenue expectations, suggests a delayed Apple iPhone launch this year