Published: March 5, 2024 at 4:14 p.m. ET
Box Inc.’s stock was up more than 13% after hours Tuesday after the software firm 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 Azure OpenAI on Box AI.
“AI…
Box Inc.’s stock was up more than 13% after hours Tuesday after the software firm 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
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
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 mostly flat over the past year, while the S&P 500 index
SPX
is up 27%.
Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
