Box (NYSE:BOX) shares plunged more than 12% yesterday after the company reported its Q4 results, highlighted by a weak revenue outlook. Q4 EPS came in at $0.37, better than the Street estimate of $0.34. Revenue was $256.5 million, in line with expectations.

For the full 2024 year, the company expects EPS in the range of $1.42-$1.48, compared to the Street estimate of $1.47. Revenue is seen at $1.05-1.06 billion, missing the Street estimate of $1.1 billion.

According to the analysts at RBC Capital, the key takeaways from the print were (1) leading indicators were mixed, with a notable billings deceleration and further NRR contraction, (2) 2024 revenue/billings guidance missed expectations, (3) macro commentary was downbeat, as reflected in the numbers, although management referred to guidance as prudent, and (4) margin upside was not enough to offset the lackluster top-line outlook.