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September 10, 2015

Box finds money in the cloud as revenue rockets

Global partnership with IBM aims at helping customers to deploy Box

By James Nunns

Box posted a 43% jump in its second quarter revenue and raised its growth forecast for the fiscal year as it attracts more companies to its services.

With a revenue of $73.5 million for fiscal 2016 Q2, the company saw an increase of 45% in billings in Q2, representing an increase of 45% from Q2 2015.

Part of this growth comes from the company surpassing the 50,000 global customer mark, with new customers and expanded deployments with the likes of IBM, Airbnb and Uber.

Despite these positives, the company widened its net loss as heavy spending on marketing takes its toll. The non-GAAP operating loss in Q2 2016 was $32.7 million, this equates to 45% of revenue.

According to the company, it now has over 39 million registered users in Q2, a rise of nearly two million from Q1 which ended in April. Of this 39 million, around 11% are paid users.

The company which struck a deal with IBM in June, has also announced that Big Blue will also become a customer as well. The global partnership will integrate content management technologies and use IBM’s salesforce and Global Business Services teams to help customers deploy Box.

Third quarter guidance from the company for revenue put it in the range of $76 million to $77 million. Revenue for the year is projected to be $295-$297 million, up from a projected $286-$290 million.

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Aaron Levie, co-founder and CEO of Box, said: "We continue to invest in our core platform while adding new products like Enterprise Key Management and Governance that augment our ability to capture demand in the broader enterprise content management market.

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