Box Shares Drop After Billings Fall Short Of Street View

Box Inc. shares fell in the extended session Wednesday as the business cloud-storage company's billings for the quarter fell short of Wall Street estimates. Box shares fell 9.5% to $11.60 after hours. While the company reported an adjusted first-quarter loss of 18 cents a share on revenue of $90.2 million, billings came in at $75.9 million. Analysts surveyed by FactSet had forecast a loss of 24 cents a share on revenue of $88.7 million but billings of $84.1 million. For the second quarter, Box sees an adjusted loss of 19 cents to 20 cents a share on revenue of $94 million to $95 million. Analysts expect a loss of 22 cents a share on revenue of $94.8 million.