- Shares for the enterprise file sharing platform Box were down more than 13% on Wednesday following the company’s fourth quarter 2018 earnings.
- Box’s guidance for the current quarter, which ends April 30, came in below Wall Street expectations.
- Earnings for the fourth quarter otherwise met analyst expectations, with $US13.67 million in revenue, up 24% from the year before.
The cloud storage company Box saw its share slide down the proverbial cliff on Wednesday after reporting its latest quarterly earnings.
Shares traded around $US20.84 per share after hours on Wednesday, down 13.36% from its price of $US24.06 at the closing bell.
This drop follows the company’s revenue guidance for the current quarter, which fell well below Wall Street expectations. Box reported that it expects to see $US139 million to $US140 million in revenue for the quarter ending on April 30, while analysts expected the company to forecast $US144.27 million.
Box also told analysts that it expects to post a wider loss per share for the current quarter, too. The company said it expects adjusted losses between $US0.08 and $US0.09 per share, while analysts estimated losses of just $US0.08.
While the forecast was gloomier than expected, Box’s earnings report for the fourth quarter of 2018 was otherwise in line with Wall Street expectations. Box reported $US136.7 million in quarterly revenue, up 24% from the year before. Analysts expected $US136.71 million in revenue.
Box, which went public in 2015, is still not profitable. The company reported an operating loss of $US32.5 million over the quarter on a GAAP basis, about 24% of its revenue. That’s a big uptick from the year before, when it saw an an operating loss of $US32.5 million, or 33% of its total revenue.
This in contrast to Dropbox, one of Box’s biggest competitors in the cloud storage space, which filed its S-1 to go public late last week. Dropbox reported 300,000 paying teams on its platform, and about $US1.1 billion in annual revenues – though it’s not profitable, either.