It’s a bad day for cloud storage company Box, which disappointed investors with a net loss of $1.65 a share during the fourth quarter of 2014. That missed expectations from analysts surveyed by Thomson Reuters, who predicted that the company would report a loss of $1.17 a share.
Update: The consensus reported by Thomson Reuters included earnings estimates that used the wrong number of shares. Excluding those estimates, the consensus predicted a loss of $1.99, which Box beat.
The cloud storage company brought in $62.6 million in revenue, which is up more than 61 percent from the same period in 2013, and beat analyst expectations by $4.65 million.
Box co-founder and CFO Dylan Smith said in the company’s earnings press release that Box is on the road to profitability, pointing out that the company has improved its operating margin by 58 percent year-over-year.
That’s not enough to assuage investor concerns about the company’s profitability. As of this writing, shares of Box are down almost 14 percent in after-hours trading, even after Box co-founder and CEO Aaron Levie corrected the analyst estimates on the company’s earnings call.
It’s rough news for Box, since this is the company’s first quarterly earnings report after its initial public offering in January. The company, which was started by Mercer Island High School grads, has been experiencing a tumultuous run on Wall Street. So far, Box’s share price hasn’t risen above where it closed on the first day of trading after its IPO.
The company’s financial statements are embedded below.