BOX - Here's Why Box Stock Got Knocked Down Today
2023-08-30 10:42:35 ET
Shares of data management company Box (NYSE: BOX) got knocked down today after the company reported financial results for its fiscal second quarter of 2024. Q2 results were actually slightly better than expected, with revenue up 6% year over year to $261 million and an operating margin of 4%. But that's not what investors are most concerned with.
With its Q2 report, Box also lowered its full-year guidance. And that's why the stock was down 10% as of 9:50 a.m. ET.
Commentary from Box's management was similar to what investors have heard from other data storage companies. Enterprises aren't budgeting as much for these services as expected, opting to get more out of what they're already paying for. And this is putting pressure on growth rates for these businesses, including Box.
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Here's Why Box Stock Got Knocked Down Today