Shares in Box Inc. rose almost 9% in after-hours trading today after the company reported better-than-expected second-quarter financial results.
The cloud storage and file management company reported a profit before certain costs such as stock compensation of 18 cents per share on revenue of $192.3 million, up 11% from a year ago. Wall Street had forecast earnings of just 12 cents per share on revenue of $189.56 million.
Box said the company’s success was thanks to its focus on expanding and renewing deals with its existing customer base.
“Our focus is on growing existing accounts by driving add-on product options and seat expansions with Box Suites, as well as efficiently driving new logo acquisition in key markets,” Box Chief Executive Aaron Levie (pictured) said on a call with analysts.
Box said it had $364.9 million in deferred revenue as of July 31, up 10% from a year ago. Second quarter