Shares of Box plummeted as much as 18 percent in after hours trading after the company reported fourth quarter 2019 revenue that missed analyst expectations. The company also reported weak guidance for the upcoming quarter and full fiscal year.
Here are the numbers Box reported compared to Wall Street expectations:
- Earnings per share: $0.06 per share ex-items vs. estimate of $0.02 per share, per Refinitiv
- Revenue: $163.7 million vs. estimate of $164.2 million, per Refinitiv
Box expects revenue between $161 million and $162 million for its Q1 2020. That compares to analyst estimates of $166.2 million to $175 million estimated for the quarter, per Refinitiv.
Box’s guidance for the full year 2020 also fell below analyst expectations of $713.9 million to $749.9 million, per Refinitiv. For its full year 2020, the company said it’s expecting revenue to fall between $700 million and $704 million.
In a statement in the earnings release, Box CEO Aaron Levie blamed weak billing results in part on longer sales cycles for some of its bigger deals.
This story is developing. Check back for updates.
Subscribe to CNBC on YouTube.
Watch: Box CEO: We’re bringing machine learning to the Box platform