You are here

Box Reports Financial Growth in Q3

Box Reports Financial Growth in Q3
Share:

Box’s income rose 25.8 percent in the third quarter of 2017. The Redwood City, California-cloud storage provider said Wednesday its income rose to $129.3 million on October 31, from $102.8 million one year ago. Box investors extended to $42.9 million, or 32 cents for each share, from $38.2 million, or 30 cents for each share, last year.

“In Q3, we continued to extend our lead in cloud content management by innovating on our core products and by unveiling new capabilities like Box Skills and Box Graph that will help enterprises bring AI and machine learning to their content in Box,” said Aaron Levie, co-founder and CEO of Box. “By making Box the most intelligent and secure cloud content management platform, we are becoming more and more critical to powering our customers as they modernize their businesses and drive digital transformation.”

Box, which contends with Dropbox and better-promoted tech heavyweights including Microsoft and Google, has worked vigorously to grow its business groups and close more six-figure (or larger) contracts. Box spent almost $82 million on deals and advertising in the third quarter, up 22 percent from a year prior. The higher spending comes in the midst of removing interest for cloud-based administrations from organizations looking to exploit the lower costs and higher level of adaptability related with the cloud.

“We are driving operational efficiencies across our business as evidenced by a year-over-year improvement of $21 million in our cash flow from operations to $14 million,” said Dylan Smith, co-founder and CFO of Box. “With our ability to balance innovation, growth and profitability, we are well-positioned to achieve our $1 billion revenue target in the coming years.”

Box had 80,000 organizations as clients in the quarter, up from 76,000 the past quarter. The organizations estimate a loss of 8 to 7 cents for each offer resulting in between $136 million and $137 million for the fourth quarter, which finishes January 2018. Many were expecting an 8 cent for every offer and an income of $136.8 million.


Share:
Kashish Ambekar
Kashish Ambekar
Kashish moved to the United Arab Emirates from London after he graduated from UEL with a Masters of Business Administration specializing in Finance. Money smelled good, although tipping in rubies was a fortune in Dubai, which he couldn’t afford, let alone implement. India happened naturally by birth and the ever developing market proved no bounds in almost every Industry. The art of writing came naturally to him, short stories to professional articles in lieu of being therapeutic once, to a full time content writer. Currently he freelances as a content writer and is extremely devoted as his thoughts have found a way to be penned for technology in support to TechFunnel.com.

Similar Articles

Leave a Reply

Additional Resources to Download

Top