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Box Q4 in line with estimates, guidance light

Box published in-line fourth quarter financial results on Wednesday, but soft guidance sent its shares down after hours.

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The enterprise cloud company reported a net loss of £32.6 million, or 24 cents per share, compared to a net loss of £36.4 million the same quarter a year ago. On a non-GAAP basis, the loss was six cents per share on top of £136.7 million in revenue, up 24 percent year over year. Wall Street was bracing for a loss of eight cents per share with £136.7 million in revenue.

Box said Q4 billings were £204.6 Million, up 28 percent year over year. Billings for fiscal year 2018 were £585.1 million, up 29 percent from fiscal year 2017. For the fiscal year, Box said it had non-GAAP net loss of 43 cents per share with revenue of £506.1 million, an increase of 27 percent year over year.

Analysts expected a loss of 45 cents a share with revenue of £506.12 million. “In fiscal 2018, we achieved year-over-year revenue growth of 27 percent, generating more than half a billion dollars and delivering our first full year of positive free cash flow,” said Box CEO Aaron Levie. “We also continued to pioneer the category of cloud content management by adding new innovations in workflow, security, compliance, and machine learning technology.”

In terms of guidance, Wall Street as is looking for a fiscal 2019 loss of 20 cents a share on revenue of £625.66 million. Box responded below targets, saying it now expects fiscal 2019 revenue in the range of £613 million to £619 million, with an EPS loss between 28 cents and 24 cents.

Box is also guiding below target for the current quarter. The company is forecasting revenue in the range of £142 million to £143 million with an earnings per share loss between nine cents and eight cents. Analysts are expecting a loss of eight cents a share with revenue of £144.3 million.

Box shares were down nearly 12 percent after hours.

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