Box Inc (NYSE: BOX) reported second-quarter financial results after the closing bell on Wednesday. The internet company reported an 11% increase in Q2 revenues to $192 million, beating Wall Street consensus. Net earnings of $0.18 per share also handsomely surpassed what analysts had anticipated.
BOX shares rose 7.6% immediately following the announcement. The stock has increased 12% so far this year.
CFO Dylan Smith said, “Our heightened focus on driving expansion and renewals in our existing customer base drove strong top line results, while our focus on overall cost discipline allowed us to significantly improve operating margins and cash flow. For FY21, we now expect our non-GAAP operating margin to be 12 to 13 percent of revenue, a significant improvement from 1 percent a year ago.”