Box Stock Jumps After Strong Quarterly Results And Outlook

Shares of Box Inc. jumped 8% in after-hours trade Wednesday after the enterprise cloud company reported stronger-than-expected quarterly sales and projected better-than-expected sales for fiscal 2016. Box reported a loss of $46.6 million, or 40 cents a share, compared with a loss of $37.8 million, or $2.81, in the year-earlier period. Adjusted for one-time costs, Box said it lost 28 cents a share, better than the 31 cents analysts in a FactSet poll had been projecting. It attributed the loss to growth investments, and said it is still working to achieve positive free cash flow. Revenue for the three-month period increased 45% year-over-year to $65.6 million, topping the consensus view of $64 million, led by a 58% increase in billings. For the second quarter, Box is projecting revenue in the range of $69 million to $70 million, above the Wall Street guidance of $67 million. For the full year, it anticipates revenue between $286 million and $290 million, compared with the consensus estimate of $283 million. The stock closed up 5.3% to $17.82 in the regular session.