Box Shares Higher As File-sharing Company Posts Narrower Quarterly Loss

Box Inc. shares rose late Wednesday after the online file-sharing company posted a narrower-than-expected second-quarter loss and growing sales. Box said it lost $38 million, or 30 cents a share, in the second quarter, compared with 42 cents a share in the year-ago period. Adjusting for one-time items, Box lost 14 cents a share in the quarter, compared with an adjusted loss of 28 cents a year ago. The Redwood City, Calif., company said sales hit $95.7 million in the quarter, a record for the company and up 30% from $73.5 million a year ago. Analysts polled by FactSet had expected Box to report a loss of 19 cents a share on sales of $95 million. Billings reached $106.5 million, up 34% from a year ago, Box said. The company also raised its expectations for next year, saying it expects full-year sales around $391 million to $395 million and a loss in the range of $1.30 to $1.28 a share from previous expectations of a loss between $1.43 and $1.40 a share. Shares of Box rose 1.7% in late trading after ending the regular session up 3.2%.