Box has Reported the Third Quarter Financial Results

Box Inc. has finally announced the financial results of fiscal 2019 for the third quarter.  The revenue calculated for the 3rd quarter was found to be 155.9 Million US dollars that are a 21 percent rise in comparison to the previous year. The company basically grew by paying the customer base to more than ninety thousand organizations.  The BoxWorks event caught the eye of many Fortune 1,000 attendees and also featured partners like the IBM, Microsoft, and Apple.

“Our solution selling strategy continues to gain momentum with strong attach rates for add-on products and large deal growth in the third quarter. With more than 90,000 customers, including BBVA Compass, National Bank of Canada, and Shiseido Company, Box continues to expand its role as a strategic technology partner to power digital transformation for enterprises,” said the co-founder and Chief Executive Officer of Box, Mr. Aaron Levie. “Businesses need a single, open platform for cloud content management with enterprise-grade security and powerful workflow capabilities, and Box is the only solution with this uncompromising focus.”

“In the third quarter, we delivered solid revenue growth and continued to drive operational efficiencies, and we’re on track to deliver our first quarter of non-GAAP profitability in Q4,” said the co-founder and the Chief Financial Officer of Box, Mr. Dylan Smith. “With more than 40% growth in deals worth more than $100K and our attach rate for add-on products increasing to over 80% of these deals, we are capturing our market opportunity while driving continued leverage for long-term growth.”

For the fourth quarter, the revenue of Box is estimated to be roughly between 163.5 million US dollars and 164.5 million US dollars whereas, for the 2019 FY, the revenue generated is estimated to be in the range between 608.2 million US dollars and 609.2 million US dollars.