Box stock plummets 11% on Q3 earnings & guidance miss

investing.com:

Box (BOX) shares dropped more than 11% after-hours today following the company’s reported Q3 results, with EPS of $0.36 coming in worse than the consensus estimate of $0.38. Revenue grew 5% year-over-year to $262 million, missing the consensus estimate of $262.37M.

Remaining performance obligations (RPO) grew 7% year-over-year to $1.131 billion. Billings for Q3 were $253.7M, representing a 2% year-over-year decrease.

“We continue to execute on our Content Cloud strategy, creating the only end-to-end platform that can help customers power their complete content lifecycle in a single architecture. By demonstrating our product leadership with Box AI and Box Hubs, we are delivering the platform that customers need to meet the demands of the rapidly evolving era of AI-powered work,” said CEO Aaron Levie.

For Q4/24, the company expects EPS in the range of $0.38-$0.39, compared to the consensus of $0.42, and revenue in the range of $262-$264M, compared to the consensus of $266.96M.

For the full year, EPS is seen at $1.42-$1.43, compared to the consensus of $1.49, and revenue at $1.037-$1.039B, compared to the consensus of $1.04B.