Here is why Box Inc. (BOX) stock popup in the after-hours on Tuesday?

Box Inc. shares surged 9.57% in after-hours on Tuesday, November 30, 2021, and closed the daily trading at $25.65. However, in the regular trading session, BOX’s stock lost 3.14%. its shares have risen 25.25% over the last 12 months, and they have moved down 1.80% in the past week. Over the past three months, the stock has lost 9.19%, while over the past six months, it has declined 4.57%.

Let’s discuss its recent news and developments.

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BOX latest development

On November 30, 2021, Box, Inc. announced preliminary financial results for the third quarter of the fiscal year 2022, which ended on October 31, 2021.

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Q3 2022 financial highlights

  • Total revenue was $224.0 million in Q3 2022 compared to $196.0 million in Q3 2021.
  • The total cost of revenue was $63.06 million in Q3 2022 compared to $56.8 million in Q3 2021.
  • In Q3 2022, GAAP gross profit was $161.0 million, compared to a gross profit of $139.2 million in Q3 2021.
  • Total operating expenses were $172.06 million in Q3 2022 compared to $141.8 million in Q3 2021.
  • It suffered a net loss of $13.86 million in Q3 2022 compared to a net loss of $5.3 million in Q3 2021.

FY 2022 Financial Outlook

  • For FY, 2022, the company is expecting revenue to be in the range of $868 million to $870 million.
  • GAAP basic and diluted net loss per share is expected to be in the range of $0.35 to $0.34.

Panasonic selected BOX

On November 17, 2021, Box, Inc. announced that Panasonic Information Systems Co., Ltd. has adopted Box for simple and secure cloud content management, and collaboration with its expanding ecosystem.

Panasonic moved away from legacy processes to achieve the next step in Digital Transformation in a secure way. Panasonic has integrated each of its cloud services built on Box into microservices and implemented a platform that can handle large files, including on mobile devices, with robust security and intuitive functionality.

BOX and GSA partnership

On November 10, 2021, the U.S. General Services Administration (GSA)  selected Box Sign technology for its native e-signature capability through Systems Engineering Solutions Corporation (SES).

GSA will power a simple, seamless signing experience for critical business documents, and will digitize the way agreements are managed and governed in the cloud.

BOX sign launched globally

On November 09, 2021, BOX released “Box Sign”, its native e-signature capability, to all Business and Enterprise customers globally at no additional cost. Box Sign now delivers additional layers of security, granular admin features, and support for multiple languages. These features enable businesses worldwide to digitize and modernize the way agreements are managed, secured, and governed in the cloud, to meet the growing demand for digital transactions in a hybrid work environment.

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The improved financial results which were announced yesterday were the reason behind its after-hours surge and we can expect it to continue its momentum on Wednesday as well.

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