11:12 AM EDT, 08/28/2024 (MT Newswires) -- Box (BOX) reported mixed Q2 results with modest improvements in billings as macro conditions remained stable, RBC Capital Markets said Tuesday in a report.

The company reported fiscal Q2 non-GAAP earnings late Tuesday of $0.44 per diluted share on revenue of $270 million. Analysts surveyed by Capital IQ expected EPS of $0.41 on revenue of $269.2 million.

"Q2 revenue was roughly in line while billings were better, but benefiting a bit from early renewals," RBC said.

The company's fiscal 2025 revenue and billings guidance increased "slightly" on a constant currency basis, while margins remained little changed, RBC said.

Box's growth acceleration "rests on another leg of upgrade momentum, which we have not gathered

enough detail to underwrite," RBC said.

RBC maintained an underperform rating on Box with a $21 price target.

The board authorized a $100 million boost in the stock buyback program, the company said Tuesday.

Box shares rose 8.7% in recent trading Wednesday.

Price: 31.34, Change: +2.52, Percent Change: +8.74