The shares of Box Inc (NYSE:BOX), a provider of cloud based, mobile-optimized platform, surged after reporting impressive revenue growth for the first quarter of its fiscal 2016 ended April 30, 2015.
The stock price of Box increased nearly 10% to $19.56 per share at the time of this writing, around 10:23 A.M. in New York.
Box financial results
Box reported that its revenue increased 45% to $65.6 million in the first quarter. Its billing rose 58% to $69.8 million.
Box co-founder and CEO Aaron Levie said, “As evident from our healthy customer adoption and strong billings growth of 58 percent year over year, Box has a significant opportunity to help organizations in every industry navigate this shift.”
“We are proud to have achieved revenue growth of 45 percent year over year, driven by our continued success moving up market and closing more enterprise deals. While we continue to focus on investing in technology innovation and growth, we also remain committed to achieving positive free cash flow,” added Box co-founder and CFO Dylan Smith.
The company posted non-GAAP operating loss was $32.6 million or 50% of its revenue. During the same period a year ago, Box recorded non-GAAP operating loss of $31.3 million or 69% of revenue.
Box’s non-GAAP net loss per share attributable to common stockholders was $0.28 per share, an improvement from its recorded net loss of $2.32 per share in the share period a year earlier.
Box ended the first quarter with $284 million in cash, cash equivalents and marketable securities. The company has restricted casg of $28.4 million primarily related to its leased facilities.
The company has more than 47,000 customers globally after adding over 2,000 customers in the first quarter. Its paying customers increased includinh 51% of Fortume 500 companies and more than 27% of the Global 2000 companies.
Box said it has more than 37 million registered users. The number of its paying users increased 70% in the first quarter.
For the second quarter, Box expected to achieve revenue in the range of $69 to $70 million and non-GAAP operating margin of (49%) to (51%).
For the full fiscal 2016, Box estimated that it would be able to deliver revenue of around $286 to $290 million and non-GAAP operating margin of (49%) to (51%).