Box stock drop after earnings beat, guidance miss
Box Inc. BOX, +2.35% shares fell despite an earnings beat Tuesday afternoon, as the software company’s third-quarter guidance came in a bit short. Box reported a second-quarter loss of 27 cents a share on sales of $148.2 million. After adjusting for stock-based compensation and other effects, the company claimed a loss of 5 cents a share under current accounting rules. Analysts on average expected an adjusted loss of 6 cents a share on sales of $146.6 million, according to FactSet, after Box projected a loss of 5 cents to 6 cents a share on sales of $146 million to $147 million. The company’s forecast for the current quarter did not beat analyst estimates, however, as Box projected adjusted losses of 8 cents to 9 cents a share on sales of $154 million to $155 million. Analysts on average were modeling adjusted loss of 6 cents a share on revenue of $155 million, according to FactSet. Box actually raised the minimums for its annual projections, however, suggesting it expects a big fourth quarter. Box stock fell more than 4% in immediate late trading Tuesday, after closing with a 2.4% gain at $26.61.
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