Box stock jumps after boost to full-year revenue outlook

By Connor Hart

Box (BOX) posted higher quarterly revenue and profit and raised its fiscal full-year revenue outlook after the U.S. dollar weakened compared with the Japanese yen.

The Redwood City, Calif., cloud-storage firm Tuesday posted fiscal second-quarter net income of $20.5 million, or 10 cents a share, up from $10.8 million, or 4 cents a share, in the same quarter last year.

Adjusted per-share earnings were 44 cents, beating the 40 cents a share forecast by analysts polled by FactSet.

Revenue rose 3.3% to $270 million, in line with analysts' expectations, according to FactSet.

Shares rose about 7% after hours.

Chief Executive Aaron Levie said the company's expansion into artificial intelligence and recent technology acquisitions expanded its market opportunity.

For its third fiscal quarter, Box expects revenue between $274 million and $276 million and adjusted per-share earnings between 41 cents and 42 cents. Analysts surveyed by FactSet expect revenue of $271.6 million and adjusted earnings of 40 cents a share.

About a third of Box's revenue is generated outside the U.S., of which about 60% is in Japanese yen. Due to the weakening of the U.S. dollar versus the yen (USDJPY), the company raised its fiscal full-year revenue outlook to $1.086 billion and $1.09 billion, slightly ahead of the $1.08 billion expected by analysts.

The company had previously guided for full-year revenue between $1.075 billion to $1.08 billion.

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08-27-24 1834ET

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