Box loses 26 cents per share, vs expected loss of 29 cents

Box earnings results, revenue big beat
Box earnings results, revenue big beat

Box reported better-than-expected quarterly results on Wednesday, as more customers subscribed to its content-sharing platform.

In its fiscal fourth-quarter report, the cloud storage provider posted an adjusted loss of 26 cents per share on $85 million in revenue.

Analysts had expected Box to report a loss of 29 cents per share on $82 million in revenue, according to a consensus estimate from Thomson Reuters.

The company's shares were up more than 12 percent in after-hours trading Wednesday.

"We achieved higher operating leverage driven by our strong business model and execution, and we remain focused on expanding our customer base, increasing our scale and driving further operational efficiencies," said Aaron Levie, co-founder and CEO of Box, in a statement.

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Levie noted that Box recently launched several new products such as Box Platform, Governance and KeySafe, and had major customer wins in the fiscal fourth quarter with AIG, Genentech, Bain Capital, The Home Depot and Unilever.

Billings in the quarter were a record $130.2 million, an increase of 59 percent from a year earlier.

"These top-line results, coupled with our positive cash flow from operations, reflect our progress towards achieving positive free cash flow in the fourth quarter of fiscal year 2017," said Dylan Smith, Box co-founder and CFO, in a statement. "With strong strategic partnerships, expanding cross-selling opportunities and a large market opportunity still ahead of us, we are well-positioned for both continued growth and future profitability."

Technology stocks have been mounting a recovery after a volatile earnings season, which sent fellow enterprise-cloud companies like Tableau to double-digit declines. Lately, though, companies like Salesforce.com have seen more favorable treatment in the markets after earnings.

— Reuters contributed to this report.