Box (NYSE: BOX) reported Q1 EPS of $0.10, $0.05 better than the analyst estimate of $0.05. Revenue for the quarter came in at $183.6 million versus the consensus estimate of $181.91 million.

“While these remain challenging and unprecedented times, we are at the beginning of one of the most transformative periods in business history,” said Aaron Levie, co-founder and CEO of Box. “The need for more organizations to develop remote work and digital transformation strategies on modern cloud platforms has never been greater, and Box is in a strong position to help our customers remain resilient, productive, and innovative during these times. Our Q1 results demonstrate the progress that we’ve made on driving a balance of growth and profitability, and our ability to power secure remote work for enterprises provides us a large opportunity going forward.”

“In the first quarter, we delivered strong top and bottom line results despite a challenging macroeconomic environment,” said Dylan Smith, co-founder and CFO of Box. “Our heightened focus on driving expansion and renewals in our existing customer base, combined with a predominantly recurring revenue model, create strong financial resiliency in light of this dynamic situation. At the same time, our focus on overall cost discipline will allow us to deliver significant profitability improvements as we build on the foundation that we’ve laid to capture our long-term market opportunity. For FY21, we now expect our non-GAAP operating margin to be 11 to 12 percent of revenue, an improvement from the 9 to 10 percent range that we provided on our last earnings call."

GUIDANCE:

Box sees Q2 2021 revenue of $189-190 million, versus the consensus of $188.2 million.

Box sees FY2021 revenue of $760-768 million, versus the consensus of $762.2 million.

For earnings history and earnings-related data on Box (BOX) click here.