May 28 - Box (BOX, Financial) stock rose more than 10% in early Wednesday trading after the company posted better-than-expected results for its fiscal first quarter and raised its revenue forecast.
The California-based enterprise software firm reported adjusted earnings of $0.30 per share on $276 million in sales for the quarter ended in April. Analysts had expected $0.26 per share on $275 million in revenue.
Adjusted earnings dropped 23% from the prior year, in part due to a $0.12 per share noncash deferred tax expense, the company said.
For the current quarter ending in July, Box forecasts revenue of about $290.5 million at the midpoint, above analyst estimates of $284 million. The company also raised full-year sales guidance to $1.168 billion, up from a previous projection of $1.158 billion made in March. Its fiscal year runs through January 2026.
Box said currency benefits contributed around 2.2% to the quarterly guidance, with about one-third of its revenue coming from outside the U.S., most of it in Japanese yen.
Executives also highlighted artificial intelligence as a growth driver, pointing to new AI tools aimed at improving enterprise data workflows.
