{"id":18271,"date":"2022-03-03T00:51:14","date_gmt":"2022-03-03T00:51:14","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/03\/03\/box-beats-estimates-as-its-revenue-growth-accelerates\/"},"modified":"2022-03-03T00:51:14","modified_gmt":"2022-03-03T00:51:14","slug":"box-beats-estimates-as-its-revenue-growth-accelerates","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/03\/03\/box-beats-estimates-as-its-revenue-growth-accelerates\/","title":{"rendered":"Box beats estimates as its revenue growth accelerates"},"content":{"rendered":"

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Box Inc.<\/a> posted fourth-quarter earnings and revenue today that beat Wall Street\u2019s expectations and followed up with strong guidance for the next quarter, sending its stock higher in extended trading.<\/p>\n

The cloud content management firm reported<\/a> earnings before certain costs such as stock compensation of 24 cents per share on revenue of $233.4 million, up 17% from a year ago. Analysts had been modeling earnings of 23 cents per share on revenue of $228.6 million.<\/p>\n

Box also provided full-year results, saying its fiscal 2022 revenue rose 13% from a year ago, to $874.3 million.<\/p>\n

Box co-founder and Chief Executive Aaron Levie (pictured) said the company closed fiscal 2022 with strong results across all of its financial metrics, executing on its vision for Box Content Cloud while beating its own guidance in terms of growth and profitability.<\/p>\n

\u201cBusinesses today are adopting a digital-first, cloud-delivered focus, reimagining how they work in a world of distributed and hybrid teams,\u201d Levie said in a statement. \u201cContent is at the center of this shift, and Box is uniquely positioned to capitalize on this opportunity.\u201d<\/p>\n

Box\u2019s other metrics included remaining performance obligations of $1.1 billion, up 19% from a year ago. Meanwhile, billings for the fourth quarter rose 9%, to $337.9 million. RPO represents the sum of invoiced amounts and the future amounts not yet invoiced for contracts with customers, while billings represents the amount invoiced for that is due for payment shortly. As such, both metrics are used as a gauge of a company\u2019s future revenue.<\/p>\n

Levie told SiliconANGLE in an interview that Box\u2019s growth has been driven by three megatrends: remote work and hybrid work, as well as cybersecurity needs and digital transformation.<\/p>\n

He said the company\u2019s evolution, combining all of its tools into a single platform for content, has also been extremely beneficial. Added to that, new tools such as Box Shield<\/a> and Box Sign<\/a>\u00a0have proved popular with customers.<\/p>\n

\u201cBox Shield has been a huge factor in our growth,\u201d he said. \u201cWe\u2019re definitely benefiting from two years of innovation.\u201d<\/p>\n

Levie said the impact of the COVID-19 pandemic as it relates to information technology decisions has largely been stabilized, to the advantage of Box.<\/p>\n

\u201cEverybody\u2019s assuming there\u2019s going to be flexible work in the future,\u201d he said. \u201cThe new normal is that you work from anywhere. We\u2019re just fortunate that content is becoming more and more integral to enabling this new way of working.\u201d<\/p>\n

Levie also addressed the current situation in Ukraine, describing it as a horrible atrocity and revealing that the company has already provided financial aid to victims. He also reassured investors that the conflict at least for now isn\u2019t hurting Box\u2019s business.<\/p>\n

\u201cAt the moment there\u2019s no impact for the business,\u201d he said. \u201cOur direct supply chain hasn\u2019t yet been affected.\u201d<\/p>\n

Looking to the first quarter, Box said it sees revenue in a range of $233 million to $235 million. That\u2019s comfortably ahead of Wall Street\u2019s forecast of $230 million.<\/p>\n

Box\u2019s shares rose more than 5% in after-hours trading, following a 2.7% rise in regular trading, echoing a strong session for technology stocks today.<\/p>\n

With reporting from Robert Hof<\/em><\/p>\n

Photo: JD Lasica\/Flickr<\/h5>\n
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