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.
From the Equity Insider archive. This article dates from Feb 27, 2019 and is preserved as first published.
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.
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.
