Box Inc (NYSE:BOX) reported upbeat earnings for its first quarter, but issued weak FY20 sales guidance.
The cloud content management company, based in Redwood City, Calif., announced Tuesday that revenue for the first quarter of fiscal year 2020 was $163.0 million, an increase of 16% from the first quarter of fiscal year 2019.
GAAP net loss per share, basic and diluted, in the first quarter of fiscal year 2020 was $0.25 on 145.3 million weighted average shares outstanding. This compares to a GAAP net loss per share of $0.26 in the first quarter of fiscal year 2019 on 138.5 million weighted average shares outstanding.
First-quarter free cash flow, however, was positive $13.4 million. This compares to positive $7.3 million in the first quarter of fiscal year 2019.
According to CEO Aaron Levie, "In the first quarter, we drove record add-on product attach rates of more than 90% across our six-figure deals. Customers are increasingly adopting Box as a platform for secure content management, workflow, and collaboration."
For the second quarter of fiscal 2020, revenue is expected to be in the range of $169 million to $170 million. GAAP and non-GAAP basic and diluted net loss per share are expected to be in the range of $0.29 to $0.28 and $0.02 to $0.01, respectively.
For the full-year, revenue is expected to be in the range of $688 million to $692 million. GAAP basic and diluted net loss per share are expected to be in the range of $1.05 to $1.03.
Shares fell $2.02, or 11.3%, to $15.91
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