Box shares are heading lower after the cloud-based storage-services company posted its July quarter financial results and reduced its full-year financial forecasts, citing weak corporate spending on information technology.
But guidance was disappointing. For the October quarter, the company projected revenue of $261 million to $263 million, falling shy of the Street consensus call of $265.6 million, and up 5% from a year ago at the top of the range. The company’s forecast for adjusted profits of 37 to 38 cents a share was a little shy of the consensus call of 39 cents.
Box also said its board authorized a $100 million increase in the company’s share repurchase plan. The company said it bought back $62 million of stock in the July quarter.Monness Crespi Hardt analyst Brian White, who kept a Neutral rating and $30 target price on the stock, noted that some performance metrics at the company are deteriorating.
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