Box shares drop more than 15% on weak outlook

Box shares drop more than 15% on weak outlook

Box Inc. BOX, -24.32% shares dropped in the extended session Wednesday after the cloud-storage company’s outlook fell well short of Wall Street expectations.

Box shares fell 18% after hours, following a 2.3% rise to close the regular session at $24.88. Box said it expects an adjusted loss of 6 cents to 5 cents a share on revenue of $161 million to $162 million in the first quarter, and a loss of 3 cents a share to earnings of 1 cent a share on revenue of $700 million to $704 million for the year. Analysts had forecast a loss of 1 cent a share on revenue of $169.7 million for the first quarter, and earnings of 3 cents a share on revenue of $732.8 million for the year. The company reported a fourth-quarter loss of $19.7 million, or 14 cents a share, compared with a loss of $32.7 million, or 24 cents a share, in the year-ago period. Adjusted earnings were 6 cents a share. Revenue rose to $163.7 million from $101.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $164.2 million.

Share:
Scroll Up
error: Content is protected !!