Box, Inc.’s (BOX – Free Report) fiscal third-quarter 2018 adjusted loss was 13 cents per share, in line with the Zacks Consensus Estimate. The loss was 18.2% wider on a sequential basis but 7.7% narrower than the year-ago quarter. The reported loss was toward the lower end of the guided range.
Revenues came in at $129.3 million, surpassing the consensus mark of $128.6 million. Revenues surpassed the guided range, increasing 5.2% sequentially and 25.8% year over year.
Box, Inc. Revenue (TTM) | Box, Inc. Quote
The company’s top line gained traction driven by strength across international markets especially Europe and Japan, growing add-on products and positive contribution from its strategic partnership with Microsoft.
Box is currently working on enriching its cloud content management and AI platforms. It has made some notable partnership extensions in this regard during the quarter with Apple (AAPL – Free Report) and Microsoft (MSFT – Free Report) .
The company launched Box Skills, a new AI toolkit that enables customers to apply machine learning tools such as video indexing, computer vision and sentiment analysis from Alphabet’s (GOOGL – Free Report) Google Cloud, IBM Watson and Microsoft Cognitive Services, to content stored in Box. The company also unveiled Box Skills Kit, a software development kit (SDK) that enables developers to build custom skills for Box.
The company introduced Box Graph, an intelligent network of content that uses machine learning to suggest relevant content to users. It also unveiled Box Relay, a workflow automation tool co-developed with IBM that enables users to build, manage and monitor their workflows.
The company’s rich technology partner ecosystem has been a strong driving force behind its growth and we expect this to continue going forward.
The stock has rallied 58.3% year to date, significantly outperforming its industry’s gain of 29.8%.
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