Box Shares Tumble After Earnings Miss; CEO Suggests Analysts Used Incorrect EPS Estimate
Update: CNBC's Josh Lipton just reported BOX CEO Aaron Levie suggested an incorrect EPS consensus estimate was used by analysts.
Shares of Box Inc. (NYSE: BOX) declined over 12 percent in after-hours trading after the company reported a wider-than-expected loss for the fourth quarter.
The Los Altos, California-based company reported a quarterly net operating loss of $45.8 million, or $2.64 per share, versus a year-ago loss of $40.2 million, or $3.46 per share.
Excluding one-time items, the company's adjusted loss narrowed to $1.65 per share from $2.85 per share.
Its revenue climbed 61 percent to $62.6 million from $38.8 million.
However, analysts were expecting a loss of $1.17 per share on revenue of $57.99 million.
Billings rose 33 percent to $82.0 million in the fourth quarter, compared to $61.5 million in the year-ago quarter.
Net cash used in operating activities slipped to $15.6 million in the quarter, versus $22.6 million.
As of January 31, 2015, the company had $330.4 million in cash and cash equivalents.
Aaron Levie, co-founder and CEO of Box said, "Box's solid fiscal 2015 results – with 74 percent revenue growth year over year – highlight our continued execution as we help our more than 45,000 customers transition to the cloud and strengthen our position as the secure platform of choice for enterprise content collaboration."
For the first quarter, Box expects revenue of $63 million to $64 million, versus analysts' estimates of $61.8 million. The company also expects non-GAAP operating loss as a percentage of revenue to drop to a range of 56 percent to 58 percent, compared to 73 percent in the fourth quarter.
For fiscal 2016, Box projects revenue of $281 million to $285 million, versus analysts' expectations of $277 million. It also expects non-GAAP operating loss as a percentage of revenue to decline to 50 percent to 52 percent, versus 77 percent in fiscal 2015.
Box shares dipped 12.57 percent to $17.95 in the after-hours trading session.
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