Box falls as Q3 outlook falls below estimates

Box

29/08/2023 21:34

** Shares of cloud firm Box Inc  BOX.N  down 9.8% at $27.79
after bell 
    ** Co forecast Q3 revenue in the range of $261 mln to $263
mln vs avg analysts' est of $265.6 mln - Refinitiv 
    ** BOX also forecast Q3 adj. EPS in the range of $0.37 to
$0.38 vs analysts' EPS expectations of $0.39 - Refinitiv 
    ** "While ongoing economic factors have affected our
customers’ IT budgets and put pressure on our projected fiscal
2024 growth rate, we remain committed to our long-term revenue
growth targets," says Chief Financial Officer Dylan Smith
    ** Co also reports Q2 rev of $261.4 mln, above analysts' est
of $261.1 mln - Refinitiv 
    ** Separately, co expands its stock repurchase program by
$100 mln
    ** Up to last close, stock is down 1.1% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))