Shares of Box (BOX 1.05%) have popped today, up by 5% as of 2:50 p.m. EST, after the company reported fourth-quarter earnings. The results topped expectations and the cloud storage specialist also provided a rosy outlook for the first quarter.
Revenue in the fiscal fourth quarter increased 12% to $183.6 million, ahead of the $181.8 million in sales that Wall Street was expecting. That resulted in adjusted earnings per share of $0.07, also beating the consensus estimate of $0.04 per share in adjusted profits. Billings jumped 19% to $281.9 million, and remaining performance obligations were $767.8 million at the end of the quarter.
"In fiscal 2020, we launched two major new products, Box Relay and Box Shield, building out our multi-product platform and solidifying our leadership in the cloud content management market," CEO Aaron Levie said in a statement. "With these added capabilities, we are seeing more and more of our customers adopt the full power of Box through our Enterprise Suite offering."
CFO Dylan Smith noted that the tech company just closed out its first full year of adjusted profitability, while Levie added that Box is focused on delivering "significantly improved profitability" in fiscal 2021.
In terms of guidance, Box expects fiscal first-quarter revenue to be in the range of $183 million to $184 million, compared to the $181.8 million that investors are currently expecting. That should translate into adjusted earnings per share of $0.04 to $0.06. For full-year fiscal 2021, revenue is forecast in the range of $771 million to $777 million, with adjusted earnings per share of $0.38 to $0.44.