Box (BOX) Stock Soaring in After-Hours Trading After Better Than Expected Earnings

NEW YORK (TheStreet) -- Shares of Box Inc (BOX) were soaring, sharply up 13.83% to $19.26 on heavy volume in after-hours trading Wednesday, following the online data storage provider's better than expected first-quarter earnings results after the market closed today.

Box, which went public earlier this year, posted a loss of 28 cents per share on revenue of $65.6 million for the first quarter.

Both the top and bottom line surpassed Wall Street estimates. The company was expected to post a loss of 31 cents per share on sales of $63.7 million, according to analysts surveyed by Thomson Reuters.

The cloud storage provider said more customers subscribed to its content-sharing platform in the first quarter. It added more than 2,000 customers for the period, upping its total number of customers to above 47,000.

Looking ahead, Box expects revenue for the current quarter ending in July to come in between $69 million to $70 million.

For the full year, the company expects revenue in the range of between $286 million to $290 million.
 
About 1.48 million shares of Box have exchanged hands as of 4:39 p.m. ET today, compared to its average 347,928 shares a day.
 
Los Altos, Calif.-based Box is a provider of a cloud platform engaged in storing, sharing and managing various company files with services including secure file sharing, professional services and support, enterprise security and file synchronization.

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