Box Inc. (NYSE: BOX) on Monday announced revenues of USD 163.0 Million for the first quarter of fiscal 2020. Box’s revenue saw an increase of 16% year-over-year. However, the company reported a loss of USD 0.03 per share compared to Refintiv analyst estimates of USD 0.05 per share.
In the first quarter of the fiscal year 2020, the cloud content management company reported free cash flow of USD 13.4 Million. The Company’s free cash flows saw an increase from USD 7.3 Million in the first quarter of fiscal 2019.
Box reported projected revenue for the full fiscal year 2020 of between USD 688 Million and
USD 692 Million. The Company projections are well off from the average analyst revenue estimate of USD 702 Million, according to Refintiv.
The cloud Company has announced a new workflow engine, known as Box Relay, that will help to simplify and accelerate business processes across an organization's extended database of employees, customers, and partners. Box Relay contains all of the benefits and advances included in the Box Cloud Content Management System, plus additional security and compliance. The Box Relay is currently in beta and will be available to the general public around late June 2019. The all-new system will be released both in the form of a full version and a ‘lite’ test version.
The Redwood City, CA-based company also reported guidance for the second quarter of fiscal 2020.
Revenue is expected to see a slight increase from the previous quarter to around USD 169 Million.
The non-GAAP basic and diluted net loss per share is expected to fall in the range of USD 0.01 and USD 0.02 for the fiscal second quarter of 2020. Non-GAAP basic and diluted net income per share is expected to be between USD 0.00 and USD 0.02 for the full fiscal year 2020.