Box Inc beats quarterly sales estimates


(Reuters) – Box Inc beat quarterly sales expectations on Tuesday as remote work and learning during the COVID-19 pandemic drove demand for its file-sharing services.

Millions of professionals are already working remotely and several companies have extended work-from-home until the end of next year, spurring demand for online workplace tools.

Box, which competes with Dropbox Inc and Microsoft Corp’s OneDrive, reported third-quarter revenue of $196 million, above analysts’ estimates of $194.3 million, according to IBES data from Refinitiv.

The content management platform reported a net loss of $5.3 million, or 3 cents per share, compared with a loss of $40.9 million, or 28 cents per share, a year earlier.

(Reporting by Munsif Vengattil and Tiyashi Datta in Bengaluru; Editing by Devika Syamnath)