FILE PHOTO: the Online data storage provider Box Inc Co-Founder and CEO Aaron Levie (L) and the Co-Founder and CFO Dylan Smith (2nd L) celebrate their company’s IPO on the floor of the New York Stock Exchange on January 23, 2015. REUTERS/Brendan McDermid
(Reuters) – Box Inc. reported a better-than-expected quarterly revenue on Wednesday as it signed on more customers for its online software products that allow companies to manage and store the content.
Box is in competition with Dropbox Inc. to be a part of the storage market, which has seen a sharp increase in the demand for cloud based services for sharing and storing files, particularly in the workplace.
It is a content management platform that went public in the year 2015 will compete against tech heavyweights such as Microsoft Corp’s OneDrive, and the Alphabet Inc, and Drive away.
Sales increased by 12.1%, to $183.6 million in the fourth quarter, above analysts ‘ estimate of $181.6 million, according to IBES data, Refinitiv.
However, its net loss widened to $30.4 million, or 20 cents per diluted share, in the fourth quarter, which ended Jan. 31, from $19.7 million, or 14 cents a share, a year earlier.
Total operating expenses for the fourth quarter increased by 12.5% to € 155.4 million, with a sales and marketing costs, accounting for almost half of the cost.
This line of business in the fourth quarter of the work, which is the revenue plus the change in deferred revenue, increased 19% to $281.9 million, above analysts ‘ estimate of $264.2 million.
Reporting by Neha Malara in Bengaluru; Editing by shailesh Kuber