Box is down over 13% after giving disappointing guidance (BOX)

Box CEO Aaron Levie

Shares for the enterprise file sharing platform Box were down more than 13% on Wednesday following the company's fourth quarter 2018 earnings.
Box's guidance for the current quarter, which ends April 30, came in below Wall Street expectations.
Earnings for the fourth quarter otherwise met analyst expectations, with $13.67 million in revenue, up 24% from the year before.

The cloud storage company Box saw its share slide down the proverbial cliff on Wednesday after reporting its latest quarterly earnings.

Shares traded around $20.84 per share after hours on Wednesday, down 13.36% from its price of $24.06 at the closing bell.

This drop follows the company's revenue guidance for the current quarter, which fell well below Wall Street expectations. Box reported that it expects to see $139 million to $140 million in revenue for the quarter ending on April 30, while analysts expected the company to forecast $144.27 million.

Box also told analysts that it expects to post a wider loss per share for the current quarter, too. The company said it expects adjusted losses between $0.08 and $0.09 per share, while analysts estimated losses of just $0.08.

While the forecast was gloomier than expected, Box's earnings report for the fourth quarter of 2018 was otherwise in line with Wall Street expectations. Box reported $136.7 million in quarterly revenue, up 24% from the year before. Analysts expected $136.71 million in revenue.

Box, which went public in 2015, is still not profitable. The company reported an operating loss of $32.5 million over the quarter on a GAAP basis, about 24% of its revenue. That's a big uptick from the year before, when it saw an an operating loss of $32.5 million, or 33% of its total revenue.

This in contrast to Dropbox, one of Box's biggest competitors in the cloud storage space, which filed its S-1 to go public late last week. Dropbox reported 300,000 paying teams on its platform, leading it to about $1.1 billion in annual revenues — though it's not profitable, either.

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