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(Updates shares, adds comments from conference call, analyst)
June 3 (Reuters) - Box Inc on Monday cut its full-year forecast below analysts' estimates, citing longer sales cycles from larger deals, sending its shares down 13% in extended trading.
Box's first-quarter billings - revenue plus the change in deferred revenue - grew at a moderate rate of 1.4% to $118.4 million, falling short of analysts' estimates of $120 million, according to IBES data from Refinitiv.
"We did get off to a bit too slower start in Q1 than we would have hoped as billings landed at the low end of the range we'd expected due to the $100,000-plus deal counts coming in a bit below our expectations," Chief Financial Officer Dylan Smith said, referring to the billing revenue.
For the current quarter, the company expects billings growth to be in the mid-single digit range but sees second half of the year to track more closely to revenue growth.
The company now expects full-year revenue in a range of $688 million to $692 million, compared with its previous forecast of $700 million to $704 million. Analysts were expecting $702 million.
D.A. Davidson analyst Rishi Jaluria said the last quarter was widely viewed by investors as a "reset" to numbers, "but that does not appear to be the case".
Last month, rival Dropbox Inc raised its full-year revenue forecast and reported better-than-expected quarterly results, as it added more paying subscribers.
Box's revenue rose 16% to $163 million in the first quarter, above analysts' estimates of $161.4 million.
Net loss narrowed to 3 cents per share in the quarter ended April 30, from 7 cents a year earlier. Analyst had expected a loss of 5 cents per share. (Reporting by Sayanti Chakraborty in Bengaluru; Editing by Maju Samuel)