Why Box Stock Dropped This Week

Week to date, shares of (NYSE: BOX) were down 12.3% as of 10:02 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence.

The content cloud manager reported sluggish second-quarter sales growth this week as companies tighten spending budgets in an uncertain macroeconomic environment. But management is seeing some areas of growth that position it well for further gains.

With corporate budgets tightening up, Box has experienced slowing growth throughout the year, and management foresees more of the same through the end of 2023. For the full year, management expects sales to increase just 5% year over year, and even adjusting for currency changes, total growth will come to 8%.

Source Fool.com