Box (BOX) Q1 Earnings Report Preview: What To Look For

Max Juang /
2024/05/27 3:00 am EDT

Cloud content storage and management platform Box (NYSE:BOX) will be reporting earnings tomorrow after the bell. Here's what you need to know.

Box met analysts' revenue expectations last quarter, reporting revenues of $262.9 million, up 2.5% year on year. It was a decent quarter for the company, with a small revenue beat and a more convincing EPS beat. Guidance was relatively in line with expectations, showing that the company is staying on track and presenting the market with no major surprises.

Is Box a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Box's revenue to grow 4% year on year to $262 million, slowing from the 5.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.36 per share.

Box Total Revenue

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Box has missed Wall Street's revenue estimates three times over the last two years.

Looking at Box's peers in the productivity software segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Dropbox delivered year-on-year revenue growth of 3.3%, meeting analysts' expectations, and Atlassian reported revenues up 29.9%, topping estimates by 8.1%. Dropbox's stock price was unchanged after the results, while Atlassian was down 9.5%.

Read our full analysis of Dropbox's results here and Atlassian's results here.

Investors in the productivity software segment have had steady hands going into earnings, with share prices flat over the last month. Box is down 5.1% during the same time and is heading into earnings with an average analyst price target of $30.4 (compared to the current share price of $25.34).

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