Yahoo Finance Box CEO: 'Investors have two very different perspectives on our business'
The online file storage company Box reported record second-quarter fiscal 2017 financial results that were a bit better than expected.
For the quarter ending July 31, Box reported revenues of $95.7 million, up 30% from the same period the previous year. Revenues edged out Wall Street estimates which had predicted $94.7 million. Excluding non-recurring items, the company had adjusted losses of $0.14 per share, compared to analysts’ forecast for a $0.19 loss.
“Our excellent sales execution and traction with new products drove deals with 4,000 new customers and expanded deployments with leaders such as Pfizer, Electronic Arts and Uber,” CEO Aaron Levie said in Wednesday’s announcement.
Investors have scrutinized Box since the company went public in January 2015 and shares debuted at $23 before dropping to around $12-$13 in the months that followed.
Levie admitted as much in a interview with Yahoo Finance earlier this month.
“Investors have two very different perspectives on our business,” he told Yahoo Finance. “Some investors, who are obviously bullish on the company, understand we are a disruptive technology to a very large market, which is how enterprises manage their corporate data. They share and collaborate and store all of their critical information. Then you’ll have investors who are a little bit more bearish. They think it’s very competitive and they wonder why we’re spending as much money as we are.”
Levie strongly suggested the next few months, including its annual Boxworks conference in September in San Francisco, would see a slew of product announcements.
“A lot of people think of us as just a tool for letting you share files or store your files,” he added. “Really, what we’ve been building is a platform to help you power your business and manage all the critical data in your company and connect it to all the applications and workflows that you need. So you’re going to see a lot of innovation around where we see our technology going.”
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JP Mangalindan is a senior correspondent for Yahoo Finance covering the intersection of tech and business. Follow him on Twitter or Facebook.
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