Cloud storage company Box reported second quarter earnings after the bell on Wednesday. And although the company beat expectations on revenue and losses, it wasn’t enough to please Wall Street. The stock fell almost 4% in after-hours trading.
It seems that part of the issue related to the company losing its cash flow positive status for the quarter, coming in at a negative $14.7 million. But Levie told TechCrunch that investors shouldn’t worry going forward because the company is “going to be free cash flow positive for the entire year.”
Box brought in $122.9 million in revenue, up 28% year-over-year. It’s also above the $121.7 million that analysts were expecting, according to Thomson Reuters.
Adjusted losses were 11 cents per share, when analysts were predicting a loss of 13 cents. This was 3 cents better than it was for the same period last year.
It was “one of our strongest quarters from momentum and innovation,” said Levie. Box has “thousands of new and existing customers.”
He also spoke highly of Stephanie Carillo, the new COO that Box just hired. She’s “really taking the reigns.”
The company said its revenue for the year is expected to be between $503 million and $506 million.
Levie said that artificial intelligence and machine learning are going to be key focuses for Box this year.