Still tremendous amount growth in business: Box CEO

We expect $280M in revenue this year: BOX CEO

Box may have cut its growth forecast, but CEO Aaron Levie told CNBC Wednesday there is still a lot of growth left in the business.

The enterprise cloud company is now forecasting a little more than 30 percent growth rate, down from its initial call for 70 percent.

"We certainly want to present realistic guidance to the Street that we can get comfortable with the market and that was the guidance that we delivered," Levie said in an interview with "Closing Bell."

"We expect to do over $280 million of revenue this year but there is still a tremendous amount of growth in the business."

Box co-founder and CEO Aaron Levie speaks during the BoxWorks "How Tomorrow Works" event in San Francisco on Sept. 3, 2014.
David Paul Morris | Bloomberg | Getty Images

The stock soared on its first day of trading three months ago, but has since dropped about 20 percent from its closing price on that first day. However, it is still up nearly 30 percent since it went public at $14 a share.

Levie said Box is looking to make investments, including in building industry-specific solutions.

"There's a lot of technology that we want to continue to build out," he said. "On a per-industry basis, there are going to be unique technologies we deliver. There's also going to be unique security solutions."

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For example, there is a lot of interest in the financial services community in controlling their own encryption keys.

At the same time, Box is also going to be investing in "new go-to market capabilities," Levie said.

App developers also play an important role in building the business, he noted. Box, which has about 50,000 developers on its platform, held its annual developer conference in San Francisco on Wednesday.

"We take the exact same technology that we go deliver directly to enterprises … and we allow developers to introduce capabilities in their application that we power," he said.

"If we can bring in third-party applications that are also doing transformational things for these businesses and industries, we think that is more value to the customer and more value to the developer ecosystem."

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Box reported a fiscal fourth-quarter loss of $1.65 a share on March 11, missing analysts' expectations of a $1.17 per share loss.

At the time, Levie disputed the consensus estimate, saying it was based on an incorrect share count.

Levie said Wednesday he simply wanted to provide clarity for the market.

"It wasn't that big of a deal except for the fact that we wanted to make sure the information was correct. So we're expecting to have certainly a much more fact-based outcome in the next quarter earnings report."

—CNBC's Josh Lipton and Karma Allen contributed to this report.