Box Inc (NYSE:BOX) shares fell sharply in Wednesday pre-market trading after the cloud content management firm delivered third-quarter results that missed expectations and gave investors weaker-than-expected full-year guidance.
Revenue for the three months to October 31, 2023, rose 5% to $261.5 million, slightly below the $262 million expected by Wall Street analysts.
Adjusted earnings per share (EPS) were up 16% at $0.36 versus analysts' estimates of $0.38.
“Our focus on delivering profitable growth drove operating margin expansion and grew earnings per share 16% year-over-year,” co-founder and CFO Dylan Smith commented in a statement.
“The successful execution of our public cloud migration coupled with the savings we’ve generated through our continued focus on cost discipline enables us to invest in product innovation to drive durable, long-term growth.”
The company has guided for full-year revenue of between $1.037 billion and $1.039 billion, below the $1.04 billion expected by the Street. It expects adjusted EPS of $1.42-$1.43 versus Street estimates of $1.49.
Ahead of the opening bell, Box’s shares were down 13.5% at $23.08.
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