Box (NYSE:BOX) reported its Q1 earnings results yesterday, with EPS of $0.32 coming in better than the Street estimate of $0.27. Revenue was $252 million, beating the Street estimate of $249.58 million. Management expects Q2/24 EPS to be in the range of $0.34-$0.35, compared to the Street estimate of $0.33, and revenue in the range of $260-$262 million, compared to the Street estimate of $260.3 million.

For the full year, the company sees EPS at $1.44-$1.50, compared to the Street’s $1.44, and revenue of $1.045-$1.055 billion, compared to the Street’s $1.06 billion.

According to the analysts at RBC Capital, their key takeaways from the print include (1) despite modest Q1 upside, 2024 revenue was guided down on unfavorable FX movements and incremental softness in US commercial and EMEA, (2) a mix of early renewals and duration tailwinds were the main drivers of billings/RPO upside, and (3) otherwise leading indicators were soft.