Box Inc (NYSE:BOX) shares were down 8.4%, tumbling to $28.21 in early deals, after the cloud content management firm gave investors weaker-than-expected full-year guidance.
The company, after Tuesday's market close, posted adjusted earnings of $0.36 in its second quarter, just above Street expectations of $0.35 per share. Revenue amounted to $261.4 million, up 6% year-over-year, in line with expectations of $261 million.
Full-year revenue however was projected between $1.04 billion and $1.044 billion, beneath analyst expectations of $1.05 billion.
"Continued focus on operational discipline resulted in Q2 operating margins and EPS above our expectations, as we delivered our fourth consecutive quarter of GAAP profitability," CFO Dylan Smith said in a statement.
"While ongoing economic factors have affected our customers' IT budgets and put pressure on our projected fiscal 2024 growth rate, we remain committed to our long-term revenue growth targets as we continue to drive gross margin and operating margin expansion in FY24 and beyond."