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Box Inc beats quarterly sales estimates

12/01/2020 | 04:40pm EST

(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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BOX, INC. 1.02% 17.86 Delayed Quote.-1.05%
MICROSOFT CORPORATION 0.44% 225.95 Delayed Quote.1.15%
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