Nov 26 (Reuters) - Box Inc reported better-than-expected third-quarter revenue on Tuesday, as it added more customers to its cloud content management platform, sending its shares up nearly 8% in extended trading.
Revenue rose 13.6% to $177.2 million in the quarter, above analysts’ estimate of $174.6 million, according to IBES data from Refinitiv.
Demand for cloud storage has intensified over the past year as companies shift work to cloud due to convenience and lower costs.
Box’s third-quarter billings, which is revenue plus the change in deferred revenue, rose 10% to $171.9 million, edging past analysts’ estimate of $171.44 million.
Net loss widened to $40.9 million in the third quarter ended Oct. 31 from $40.2 million, a year earlier.
Loss per share on a diluted basis remained unchanged at 28 cents, as the number of weighted average shares to compute loss increased.
Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi