Box Falls Despite Q2 Earnings Beat

Box Inc BOX shares are lower despite reporting a second-quarter earnings beat.

The company reported breakeven earnings, beating estimates by 2 cents. Sales came in at $172.5 million, beating estimates by $2.98 million. The company also issued strong 2020 sales guidance.

"We made significant progress on our key objectives in Q2, as we continued to deliver more products to our customers that enable higher value use cases, while executing on the most compelling product roadmap in our history," said Aaron Levie, co-founder and CEO. "We drove strong add-on product attach rates of more than 80% across our six-figure deals in Q2."

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Highlights

• Deals over $100,000 up 36% year-over-year
• Add-on product attach rates of 80% across six-figure deals
• Revenue increased 16% year-over-year

Box shares traded lower by 8.8% to $12.60 in Wednesday's after-hours session.