Box has exceeded analysts’ expectations in the third quarter of this year. The company also says it expects to be profitable for the first time in the fourth quarter.
“With over 40 percent growth in contracts worth more than $100,000 and our add-on products growing to over 80 percent of these contracts, we embrace our market opportunities while maintaining our continued positive perspective on long-term growth,” said CFO Dylan Smith.
In the third quarter, the company recorded a loss of 38.5 million dollars, or 28 cents per share. Sales amounted to 155.9 million dollars, an increase of 21 percent compared to the same quarter a year earlier. Analysts’ expectations have therefore been exceeded. They were expecting a turnover of $154.6 million.
During this quarter, the company announced, among other things, an expansion of its collaboration with Google. A new integration with G Suite should allow users to create and customize Google Docs, Sheets and Slides without leaving Box. The documents can also be used as a basis for cooperation. A similar integration was announced between Box and Google Hangouts Chat.
For the fourth quarter, analysts expect a loss of 2 cents per share on sales of 164.25 million dollars. However, Box said during the presentation of its quarterly figures that it expects sales of between $163.5 and $164.5 million. The company also expects to make a profit of between 2 and 3 cents per share.
For the full year, the company expects sales to range from $608.2 to $609.2 million. The net loss would be 15 to 16 cents per share. Analysts expect sales of $607.52 million and a net loss of 18 cents per share.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.