November 26, 2019 / 9:13 PM / 18 days ago

Box third-quarter revenue beats on higher customer addition

Nov 26 (Reuters) - Box Inc reported better-than-expected third-quarter revenue on Tuesday, as it added more customers to its cloud content management platform, sending its shares up nearly 8% in extended trading.

Revenue rose 13.6% to $177.2 million in the quarter, above analysts’ estimate of $174.6 million, according to IBES data from Refinitiv.

Demand for cloud storage has intensified over the past year as companies shift work to cloud due to convenience and lower costs.

Box’s third-quarter billings, which is revenue plus the change in deferred revenue, rose 10% to $171.9 million, edging past analysts’ estimate of $171.44 million.

Net loss widened to $40.9 million in the third quarter ended Oct. 31 from $40.2 million, a year earlier.

Loss per share on a diluted basis remained unchanged at 28 cents, as the number of weighted average shares to compute loss increased.

Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi

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