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Box Shares Soar 14% on Blockbuster Sales

March 9, 2016, 9:51 PM UTC
Box's Aaron Levie Talks With FORTUNE's Jessi Hempel - 2014 SXSW Music, Film + Interactive Festival
speaks onstage at Box's Aaron Levie Talks With FORTUNE's Jessi Hempel during the 2014 SXSW Music, Film + Interactive Festival at Austin Convention Center on March 10, 2014 in Austin, Texas.
Photograph by Richard Mcblane — Getty Images for SXSW

(Reuters) – Cloud storage provider Box reported higher-than-expected quarterly revenue as more customers subscribed to its content-sharing platform.

Shares of the company (BOX), whose customers include General Electric, GlaxoSmithKline and Gap, rose 13.8% to $14.25 in extended trading on Wednesday.

The company said its paying customer base rose to 57,000 at the end of fourth quarter, up from 54,000 at the end of the third quarter.

Box forecast first quarter revenue of $88 million-$89 million and adjusted loss of 23-24 cents per share.

Net loss attributable to shareholders narrowed to $50.4 million, or 41 cents per share, in the fourth quarter ended Jan. 31, from $52.9 million, or $2.64 per share, a year earlier.

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Excluding items, the company lost 26 cents per share. Analysts estimated a loss of 29 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose to $85 million from $62.6 million, above average analysts’ estimate of $81.8 million.