Box Inc. (NYSE: BOX) reported its third quarter financial results after the closing bell on Tuesday. The Company reported in-line earnings, but surpassed analysts’ revenue estimates, sending shares higher by 8% on Wednesday.
For the quarter, Box reported earnings loss of USD 0.01 per share on revenue of USD 177.2 Million. FactSet analysts projected earnings loss of USD 0.01 per share on revenue of USD 174.7 Million.
Box reported that revenue increased by 14% year-over-year, while non-GAAP operating loss improved from USD 39.5 Million the same quarter a year ago to USD 0.5 Million.
The Company reported total billings of USD 171.9 Million for the quarter, increasing by 10% year-over-year.
Box highlighted that it had strong add-on product attach rates of over 80% across six-figure deals during the quarter.
“With these solid results and our delivery of key product and go-to-market initiatives, we are in a strong position to continue to improve our balance between growth and profitability,” said Aaron Levie, Co-Founder and Chief Executive Officer of Box. “In Q3, we launched Box Shield, major new Relay enhancements, and deeper integrations with IBM, Microsoft Teams, and Slack. These new products and capabilities will enable our customers to expand their use of Box for frictionless security and compliance, seamless internal and external collaboration and workflows, and a more productive workplace by leveraging a best-of-breed IT stack. And with Box Suites, we are making it easier than ever for customers to adopt the full power of Box.”
“We continue to build the foundation to drive more profitable growth,” said Dylan Smith, Co-Founder and Chief Executive Officer of Box. “In Q3, we delivered operational efficiencies on our path to achieving our first full year of non-GAAP profitability in FY20, and we are committed to delivering significant improvements in operating margin in FY21 and beyond.”