Box Inc. (NYSE: BOX) reported profit for the first quarter of 2021, compared to a loss last year, aided by an increase in revenues. The results also exceeded Wall Street’s prediction and the company’s stock gained on Wednesday evening.
On an adjusted basis, the tech firm posted earnings of $0.10 per share, compared to a loss of $0.03 per share in the corresponding period of last year. Analysts were looking for a lower profit. On a reported basis, it was a net loss of $25.55 million or $0.17 per share, compared to a loss of $36.83 million or $0.25 per share last year.
The improvement in the bottom-line performance reflects an increase in revenues to $183.56 million from $162.97 million a year earlier. Revenues also topped the Steet view.
Shares of Box rose sharply during Wednesday’s extended trading after closing the regular session higher. The stock has gained 13% since the beginning of the year and 6% in the past twelve months.
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