Box Inc. on Tuesday reported quarterly results that barely topped analyst revenue and earnings estimates and offered weak guidance.
The results sent shares of Box
BOX,
down more than 8% in extended trading.
“As enterprises continue to make IT decisions around strategic imperatives and the role of AI, they are turning to Box’s Content Cloud to help transform how they work and get even more value out of their data,” Box Chief Executive Aaron Levie said in an interview.
Levie said the popularity of artificial intelligence among enterprise customers is first showing in the results of infrastructure vendors such as Nvidia Corp.
NVDA,
and Cisco Systems Inc.
CSCO,
before it affects applications providers like Box. But it is coming, he added, as corporations embrace generative AI.
Box posted fiscal second-quarter net income of $10.8 million, or 4 cents a share, compared with net income of $1 million, or 2 cents a share, in the year-ago quarter. Adjusted earnings were 36 cents a share.
Revenue advanced 6% to $261.4 million from $246 million a year ago.
Analysts surveyed by FactSet had expected on average net earnings of 35 cents a share on revenue of $261 million.
Box executives said they anticipate sales of $1.04 million to $1.044 billion in the fiscal year. Analysts polled by FactSet are expecting $1.05 billion.
Box’s stock has dipped 1% this year, while the S&P 500 index
SPX
is up 17%.
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