Cloud storage company Box reported third quarter earnings after the bell on Wednesday, beating Wall Street expectations with a record $102.8 million in revenue, a 31% increase year-over-year and above predictions of $100.64 million. Adjusted earnings per share showed a loss of 14 cents, better than the negative 19 cents that analysts were forecasting and a 17 cent improvement from last year. The stock traded up 1% in initial after-hours trading and then fell flat.
“With our track record of product innovation and continued momentum with new and existing customers, Box is uniquely positioned to help businesses modernize how they manage information and transform how they work,” said CEO Aaron Levie in a statement.
With a focus on enterprise, Box works with many Fortune 500 companies to help them secure their documents in the cloud. They’ve secured 60,000 corporate clients, including Gap, Procter & Gamble and Whirlpool.
A competitive landscape for file storage, the company has built out strategic partnerships with Microsoft and IBM, and recently secured a new arrangement with Google, to make it easier to collaborate across platforms.
Box which went public early last year, at first faced criticism that it was spending too much on sales and marketing per acquired customer, but it has lowered this ratio.
Box closed Wednesday at $15.22 per share, slightly above the $14 IPO price in January 2015.