Cloud-based enterprise storage company Box opened at $US20.2o, up 44%.
Its IPO was priced at $US14.
It’s now up 52%, to $US21.44.
It’s a nice pop for a company that had a lot of negativity surrounding its IPO.
Box’s revenue growth has been slowing down. In the third quarter of 2014, revenue was up 70%. But that’s down from 81% in the prior quarter. And that’s down from 94% in the quarter prior to that.
On the plus side, Box has gotten its sales and marketing expenses under control. Those expenses were only $US55 million during the quarter, less than the $US57 million in revenue. Overall net loss was $US45 million for the third quarter last year.
On the day before the IPO, Box got a big endorsement from Jim Cramer who argued the stock was worth buying at $US18 or less.
We’ll be keeping an eye on the stock all day, and will update this post.
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