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Box forecasts strong first-quarter revenue; shares up – Source Reuters Tech News

(Reuters) – Box Inc forecast first-quarter revenue above Street estimates, betting on high demand for its online software products that allow companies to manage and store content, sending its shares up nearly 9% in extended trading.

FILE PHOTO: Online data storage provider Box Inc Co-Founder and CEO Aaron Levie (L) and Co-Founder and CFO Dylan Smith (2nd L) celebrate their company’s IPO on the floor of the New York Stock Exchange January 23, 2015. REUTERS/Brendan McDermid

The company also beat fourth-quarter profit and revenue benefiting from its add-on services and as larger companies subscribed to its products.

“We are firing off on all cylinders on the profitability side and continue to drive a balance between growth and profitability,” Chief Executive Officer Aaron Levie told Reuters.

As companies move online to create, share and store files, cloud storage companies are vying for a major share of the software services market that is estimated to hit $116 billion this…

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Source Reuters Tech News

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