Cloud Storage Company Box Raises Full-Year Forecast for Second Time

Cloud storage provider Box Inc reported a better-than-expected rise in quarterly revenue and raised its full-year revenue forecast for the second time as more customers subscribed to its content-sharing platform.

Box expects full year revenue of $295 million to $297 million (roughly Rs. 1,960 crores to Rs. 1,973 crores), up from $286 million to $290 million (roughly Rs. 1,900 crores to Rs. 1,927 crores), it said in a statement on Wednesday.

Analysts on average were expecting revenue of $289.6 million (roughly Rs. 1,924 crores), according to Thomson Reuters I/B/E/S.

Shares of the company, whose customers include AstraZeneca Plc , General Electric Co and Chevron Corp , rose 2 percent in extended trading.

Box's online file-sharing and personal cloud content management service for businesses leverages a "freemium" model, providing up to 10GB of free storage for personal accounts and charging for additional space.

The company's revenue rose 42.8 percent to $73.5 million (roughly Rs. 488 crores) in the second quarter ended July 31. That beat the analysts average estimate of $69.8 million (roughly Rs. 464 crores).

Net loss attributable to shareholders increased to $50.2 million (roughly Rs. 333 crores) from $39.4 million (roughly Rs. 261 crores) a year earlier as operating expenses rose.

Excluding items, Box reported a loss of 28 cents per share, slightly less than market estimates of a loss of 29 cents.

Box's shares closed at $14.25 (roughly Rs. 947) on the New York Stock Exchange on Wednesday. They rose to $14.55 (roughly Rs. 967) in extended trading.

© Thomson Reuters 2015