Box is cash flow positive again, with 26% revenue growth
Box posted its third-quarter earnings after the bell on Wednesday.
The cloud management business reported $129.3 million in revenue, up 26% from last year. This beat analyst estimates of $128.64 million.
The company also reported an adjusted negative 13 cents per share, in line with Wall Street estimates. This compares to negative 14 cents from last year.
Last quarter, investors were concerned that the company temporarily lost its cash flow positive status, but Box has since regained it.
Box posted free cash flow of $6.3 million, up $17 million from the same period last year.
CEO Aaron Levie says they’re in a “really really good spot from a cash generation standpoint.”
He said that this quarter they also “launched a whole bunch of a new technology around machine learning and AI.” He’s referring to a new multimedia-focused toolkit they launched called Box Skills.
Box now has 80,000 enterprise and government customers. In its latest quarter, it added businesses like Foster Farms and also the U.S. Food and Drug Administration.
Box says its revenue for the year is expected to be between $505 million and $506 million. The company’s stock is up 43% in the past year.
Published at Wed, 29 Nov 2017 22:04:16 +0000
