Content management platform Box Inc. (NYSE: BOX) has reported higher adjusted earnings and revenues for the first quarter of 2023. Both the top line and profit exceeded analysts’ expectations.
First-quarter net income, on an adjusted basis, was $0.23 per share, compared to $0.18 per share in the same period of 2022. On an unadjusted basis, it was a net loss of $4.7 million or $0.06 per share, compared to a loss of $14.6 million or $0.09 per share in the prior-year period.
At $238.4 million, revenues were up 18%, while billings increased 8% annually to $172.2 million. At the end of the quarter, the company had total deferred revenues of $468.4 million, up 11%.
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This week, shares of Box traded broadly at the levels seen at the beginning of the year. The stock closed the last session lower and extended the weakness early Wednesday.