February 26, 2020 / 9:06 PM / 3 months ago

Box beats quarterly revenue estimates on strong subscription growth

Feb 26 (Reuters) - Box Inc reported better-than-expected quarterly revenue on Wednesday as it signed on more customers for its online software products that allow companies to manage and store content.

Box competes with Dropbox Inc for a share of the file storage market that has seen a sharp rise in demand for cloud services to share and store files, especially in the workplace.

The content management platform that went public in 2015 competes with tech heavyweights like Microsoft Corp’s OneDrive and Alphabet Inc’s Drive.

Revenue rose 12.1% to $183.6 million in the fourth quarter, above analysts’ estimate of $181.6 million, according to IBES data from Refinitiv.

However, net loss widened to $30.4 million, or 20 cents per share, in the fourth quarter ended Jan. 31, from $19.7 million, or 14 cents per share, a year earlier.

Total operating expenses in the quarter rose 12.5% to $155.4 million, with sales and marketing costs accounting for nearly half of the costs.

Box’s fourth-quarter billings, which is revenue plus the change in deferred revenue, rose 19% to $281.9 million, above analysts’ estimate of $264.2 million. (Reporting by Neha Malara in Bengaluru; Editing by Shailesh Kuber)

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