Box quarterly revenue tops estimates as remote work boosts demand for online tools

Aug 26 (Reuters) - Box Inc’s quarterly revenue beat estimates on Wednesday, as more people opted for its online software services to manage and store content while working from home due to the COVID-19 pandemic.

Millions of workers in the United States are working remotely due to the pandemic and several companies have extended work from home until next year, spurring demand for online workplace tools.

Box, which competes with Dropbox Inc and Microsoft Corp’s OneDrive, said revenue rose 11.4% to $192.3 million in the second quarter ended July 31, beating analysts’ average estimate of $189.56 million, according to IBES data from Refinitiv.

The content management platform’s net loss narrowed to $7.7 million, or 5 cents per share, compared with $36.2 million, or 25 cents per share, a year earlier.

Box’s second-quarter billings, or revenue plus the change in deferred revenue, rose 9% to $188.8 million in the second quarter. (Reporting by Neha Malara in Bengaluru; Editing by Vinay Dwivedi)