Box Shares Are Falling Wednesday: Here's Why
Portfolio Pulse from Adam Eckert
Box Inc's shares are trading lower after the company reported Q2 earnings and issued weak guidance. Despite beating consensus estimates for Q2 revenue and earnings, the company's outlook for Q3 and full-year revenue and earnings fell short of estimates. Box also announced a $100 million expansion of its stock repurchase program. Following the earnings report, Keybanc and Oppenheimer maintained their ratings but Keybanc lowered its price target, while Craig-Hallum downgraded Box from Buy to Hold.
August 30, 2023 | 12:29 pm
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Box Inc's shares are trading lower due to weak guidance despite beating Q2 estimates. The company also expanded its stock repurchase program by $100m. Analysts' reactions were mixed.
Box Inc's shares are trading lower due to the company's weak guidance for Q3 and full-year revenue and earnings, which fell short of estimates. This negative outlook outweighs the positive impact of beating Q2 estimates and the expansion of the stock repurchase program. The mixed reactions from analysts, with a downgrade from Craig-Hallum, also contribute to the negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100