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Q3 earnings beat lifts cloud storage firm BOX 9% pre-market

By Joyanta Acharjee

14:03, 1 December 2021

A cloud storage icon
Box upped the aggregate amount of its share buyback programs to $700m – Photo: Shutterstock

Box stock rose on Wednesday after the data storage and content management firm posted preliminary fiscal third-quarter earnings that beat estimates. 

Founded in 2005, Box is a cloud content management platform and has organisations such as AstraZeneca and Morgan Stanley as clients.

For the fiscal third quarter ended 31 October, the net loss widened to $13.9m (£10.4m) from a loss of $5.3m a year earlier. Revenue was up 14% at $224m from $196m in the year-ago period.

Stock shoots up

Adjusted earnings of 22 cents per share beat analyst estimates of 21 cents a share on revenue of $218.6m, according to figures widely available on financial news sites.

In pre-market trading on the NYSE, the stock was up 9% at $25.55.

“Our strong third-quarter results show the continued momentum of our long-term growth strategy, as more customers are turning to the Box content cloud to deliver secure content management and collaboration built for the new way of working,” Box CEO Aaron Levie said in a press release.

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16,001.20 Price
+0.470% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0

Oil - Crude

74.50 Price
-1.560% 1D Chg, %
Long position overnight fee -0.0136%
Short position overnight fee -0.0083%
Overnight fee time 22:00 (UTC)
Spread 0.040


2,072.25 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0193%
Short position overnight fee 0.0111%
Overnight fee time 22:00 (UTC)
Spread 0.30


38,852.20 Price
+0.000% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Net retention up

Box said remaining performance obligations uncompleted work contracts rose 25% to $948.1m, while its net retention rate was up to 109% from 103% from a year ago.

Looking ahead, the company now sees revenue for the fiscal year ending 31 January in the range of $868m to $870m. The GAAP basic and diluted net loss per share is expected to be 35 cents to 34 cents.

The company expects fiscal fourth-quarter revenue between $227m to $229m.

Earlier this month, Box upped the aggregate amount of its share buyback programs to $700m, and as of 29 November it had approximately $260m of remaining buyback capacity.

Read more: Microsoft says Russian hackers targeting cloud systems

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Box, Inc.
26.66 USD
0.41 +1.570%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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