After a brutal day for tech stocks, Box made matters worse after hours by lowering its revenue guidance for the fiscal year.
Here are the key numbers for the first quarter:3 cents per share, excluding some items, vs. 5 cents estimated, according to Refinitv consensus estimatesBox's revenue in the quarter increased 16% from a year earlier, as the company nabbed bigger customers for its collaboration and workflow software.
However, as Box lines up larger clients, it takes longer for the deals to close, the company said. Therefore, Box lowered its outlook for the year, leading to a sharp drop in the stock price. Box said it expects revenue for full year fiscal 2020 of between $688 million and $692 million, well short of the average analyst estimate of $702 million, according to Refinitiv.
"While we are encouraged by the demand for these larger, more strategic deployments, these deals often have longer sales cycles, which is reflected in our updated guidance," CEO Aaron Levie said in the press release on Monday. The disappointing report came after the close of a particularly rough day for tech stocks broadly and for Box, which dropped 3% in regular trading. Reports that
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Godzilla: King of the Monsters’ scales box office; ‘Rocketman’ and ‘Ma’ open solidThe latest entry in Warner Bros.' Monsterverse, 'Godzilla' opened with an underwhelming $49 million domestically and $179 million globally.
Read more »
White House economic advisor Kevin Hassett says his departure is not because of tariffsOutgoing Trump economic advisor Kevin Hassett appears CNBC's 'Squawk Box' on Monday.
Read more »
Box Office: 'Godzilla: King of the Monsters' debuts with mediocre $49 millionLOS ANGELES (Variety.com) - Warner Bros. and Legendary's 'Godzilla: Ki...
Read more »
'Godzilla: King of the Monsters' wins the weekend box office but performs below expectations'Godzilla: King of the Monsters' defeated 'Aladdin' to win the weekend box office but performed weaker than what was projected.
Read more »
When picking leaders, the EU should put skill before box-tickingA more complex political landscape puts the EU’s conventions for picking its leaders into doubt
Read more »
Broadway Breaks Annual Box-Office RecordThe Broadway theater boom continues as shows set a new annual box-office record, with a combined gross of $1.83 billion in the 2018-19 season, or a more than 10% increase over the prior season.
Read more »
Stocks making the biggest moves after hours: Box, Coupa and moreSee which stocks are posting big moves after the bell on Monday, June 3.
Read more »
Loot Crate, once America's fastest-growing company, says that it's laying off 150 workers as it moves away from operating its own warehousesThe Loot Crate subscription service has called itself as 'Comic Con in a box,' and has raised $18.5 million in venture capital.
Read more »
Guns N' Roses' Duff McKagan: Band's songs aren't sexist or racist, just misunderstoodGuns N' Roses bassist Duff McKagan says 1988's controversial song 'One in a Million' was meant to provide insight into a bigot's mind, not their own.
Read more »