Box is finally bringing in more money than it is spending, the cloud software company said on Wednesday, a milestone investors have been waiting for since its initial public offering more than two years ago.
Box promised investors then that it would become free cash-flow positive during the fourth quarter of its 2017 fiscal year. The company announced during its quarterly earnings on Wednesday that it had made good on that promise.
Still, shares of Box tumbled more than 2.5% after the closing bell.
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California-based Box, whose software stores and manages content in the cloud, reported a 29% rise in revenue to $110 million for the fourth quarter of its 2017 fiscal year, which ended on Jan. 31.
For the most recent fiscal year, the company said revenue jumped 32% from a year earlier to $399 million.
Box managed to reduce its losses to $36 million in the latest quarter from nearly $50 million a year earlier
Box’s CEO Sees a Bright Future Ahead
“We are at a scale where we are still reinvesting in growth because of the market opportunity that we see,” Box Chief Executive Officer Aaron Levie said in an interview. “We would not want to trade off that growth rate to achieve profitability.”
The bulk of the company’s sales come from government agencies and larger corporations, such as General Electric, AstraZeneca, and Symantec. Box said it now has 71,000 paying customers, a few thousand of which were added in the fourth quarter.