Box Inc forecast annual revenue above analysts' estimates and beat targets for quarterly sales on Wednesday, as demand rises for its online collaboration tools due to the global shift to work from home caused by the COVID-19 pandemic.
In an interview with Reuters, Chief Executive Officer Aaron Levie said Box saw an uptick in demand from large enterprises during the quarter, helping it close more than 40 deals with a combined worth of over $100,000.
The company estimated revenue of between $760 million and $768 million for 2021, the midpoint of which was above analysts’ average estimate of $762.2 million, according to IBES data from Refinitiv. Earlier this month, peer Dropbox Inc also beat quarterly sales estimates, as the file-hosting firm signed up more paying customers on its platform amid the pandemic.
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