Content management platform Box Inc. (NYSE: BOX) has reported strong growth in revenues and adjusted earnings for the third quarter of 2023. The company also provided guidance for the fourth quarter and fiscal 2023.
Third-quarter net income, on an adjusted basis, rose sharply to $0.31 per share from $0.22 per share in the same period of 2022. On a reported basis net income attributable to common stockholders was $4.98 million or $0.03 per share, compared to a loss of $18.16 million or $0.12 per share in the prior-year period.
At $249.9 million, revenues were up 12%, while billings increased in double digits to $258.2 million. At the end of the quarter, the company had total deferred revenues of $467.1 million, up 9%. The management expects fourth-quarter revenue to be in the range of $255 million to $257 million, and full-year revenues between $990 million and $992 million.
Check this space to read management/analysts’ comments on Box’s Q3 2023 report
“The strength and resiliency of our business model has allowed us to deliver revenue growth while expanding operating and free cash flow margins. With operational discipline built into the core of our company, we remain committed to our FY23 operating margin target and to delivering revenue growth plus free cash flow margin of 37%,” said Box’s CFO Dylan Smith.
