Box Inc. Stock Tanks Today Following Earnings Miss

Box Inc. shares are falling after the company reported a fourth quarter net loss that widely missed expectations due to increased operational expenses.
By Tony Owusu ,

NEW YORK (TheStreet) -- Box Inc. (BOX) - Get Report shares are falling sharply, down 15.3% to $17.39, in early market trading on Thursday after the cloud storage company reported its fourth quarter earnings results after the closing bell yesterday.

Increasing operating expenses caused the company to report a fourth quarter adjusted net loss of $1.65 per diluted share, widely missing analysts' consensus estimate of $1.17 per share net loss. The loss sent the stock tumbling double digits in after-hours trading yesterday.

Company CEO Aaron Levie disputed the consensus estimates however, saying that it was based on an inaccurate share count and the real consensus should have been for a net loss of $1.99 a share.

Fourth quarter revenue for the company rose 61% over the same period last year to $63 million, beating analysts' $58 million expectations for the period. Total billings rose 33% to $82 million.

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