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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. 0.00% 18 Delayed Quote.-0.28%
MICROSOFT CORPORATION -0.17% 212.65 Delayed Quote.-4.23%
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