Box stock jumps after boost to full-year revenue outlook
By Connor Hart
Box (BOX) posted higher quarterly revenue and profit and raised its fiscal full-year revenue outlook after the U.S. dollar weakened compared with the Japanese yen.
The Redwood City, Calif., cloud-storage firm Tuesday posted fiscal second-quarter net income of $20.5 million, or 10 cents a share, up from $10.8 million, or 4 cents a share, in the same quarter last year.
Adjusted per-share earnings were 44 cents, beating the 40 cents a share forecast by analysts polled by FactSet.
Revenue rose 3.3% to $270 million, in line with analysts' expectations, according to FactSet.
Shares rose about 7% after hours.
Chief Executive Aaron Levie said the company's expansion into artificial intelligence and recent technology acquisitions expanded its market opportunity.
For its third fiscal quarter, Box expects revenue between $274 million and $276 million and adjusted per-share earnings between 41 cents and 42 cents. Analysts surveyed by FactSet expect revenue of $271.6 million and adjusted earnings of 40 cents a share.
About a third of Box's revenue is generated outside the U.S., of which about 60% is in Japanese yen. Due to the weakening of the U.S. dollar versus the yen (USDJPY), the company raised its fiscal full-year revenue outlook to $1.086 billion and $1.09 billion, slightly ahead of the $1.08 billion expected by analysts.
The company had previously guided for full-year revenue between $1.075 billion to $1.08 billion.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-27-24 1834ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst