Box posts first $1 billion fiscal year as AI sales pick up

by | Mar 5, 2024 | Stock Market

Box Inc.’s stock rose about 2% after hours Tuesday after the software company reported its first $1 billion fiscal year and announced a $100 million share-buyback program. “Customers in financial services are upgrading to Box AI,” Box Chief Executive Aaron Levie said in an interview, referring to a new suite of capabilities that will integrate advanced AI models into the Box Content Cloud. The company also announced integration with Microsoft Corp.’s
MSFT,
-2.96%
Azure OpenAI on Box AI.

“AI and data and content are powering automated work flows like invoice processing and contract details,” Levie said. The company
BOX,
-2.26%
reported fiscal fourth-quarter net income of $99.2 million, or 57 cents a share, compared with net income of $20.5 million, or 10 cents a share, in the year-prior quarter. Adjusted earnings were 42 cents a share. Revenue increased 2% to $262.9 million, from $256.5 million in the same quarter a year ago. Fiscal-year revenue topped $1 billion for the first time. Analysts surveyed by FactSet had, on average, expected net income of 38 cents a share on revenue of $263.3 million. Box executives said they anticipate sales of $261 million to $263 million in the current first quarter. Analysts polled by FactSet are expecting $262 million. Shares of Box have been …

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[mwai_chat context=”Let’s have a discussion about this article:nnBox Inc.’s stock rose about 2% after hours Tuesday after the software company reported its first $1 billion fiscal year and announced a $100 million share-buyback program. “Customers in financial services are upgrading to Box AI,” Box Chief Executive Aaron Levie said in an interview, referring to a new suite of capabilities that will integrate advanced AI models into the Box Content Cloud. The company also announced integration with Microsoft Corp.’s
MSFT,
-2.96%
Azure OpenAI on Box AI.

“AI and data and content are powering automated work flows like invoice processing and contract details,” Levie said. The company
BOX,
-2.26%
reported fiscal fourth-quarter net income of $99.2 million, or 57 cents a share, compared with net income of $20.5 million, or 10 cents a share, in the year-prior quarter. Adjusted earnings were 42 cents a share. Revenue increased 2% to $262.9 million, from $256.5 million in the same quarter a year ago. Fiscal-year revenue topped $1 billion for the first time. Analysts surveyed by FactSet had, on average, expected net income of 38 cents a share on revenue of $263.3 million. Box executives said they anticipate sales of $261 million to $263 million in the current first quarter. Analysts polled by FactSet are expecting $262 million. Shares of Box have been …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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