Box Inc. delivered fiscal fourth-quarter financial results today that met or topped analysts’ forecasts, but the enterprise cloud storage provider’s shares plunged in after-hours trading on lower than-expected guidance for the current quarter.

Box reported a loss after certain costs such as stock compensation of 6 cents per share on revenue of $136.7 million, up 24 percent from a year ago. Wall Street had earlier forecast a loss of 8 cents per share on $136.7 million in revenue. The company also reported a net loss of $32.6 million, or 24 cents per share.

More positive was the company’s fourth-quarter billings, which totaled $204.6 million, up 28 percent from a year ago. Billings for the full year came in at $585.1 million, up 29 percent from the previous year.

Box Chief Executive Officer Aaron Levie (pictured) did his best to highlight the company’s positive achievements. He noted that the company achieved year-over-year revenue growth of 27 percent and delivered its first full year of positive free cash flow. He also cited 78 deals with customers worth more than $100,000 and nine deals worth more than $1 million.

“We also continued to pioneer the category of cloud content management by adding new innovations in workflow, security, compliance and machine learning technology,” Levie said.

However, the company let down its investors with guidance for the current quarter that fell a bit short of Wall Street’s estimates. The company said it expects first-quarter revenue of $142 million to $143 million, with a loss of 8 to 9 cents per share, using a revenue recognition method it had previously used. Under a new method to be used in fiscal year 2019 and forward, its estimate is a $139 million to $140 million, with the same profit number. Wall Street was expecting a loss of 8 cents per share on $144.3 million revenue.

Box’s full-year guidance also came in low. The company said it’s aiming for a loss of between 24 and 28 cents on revenue of $613 million to $619 million under the old revenue recognition method, or $602 million to $608 million under the new method. That compares with Wall Street’s expected loss of 20 cents per share on revenue of $625.66 million.

On the earnings conference call, Levie and co-founder and Chief Financial Officer Dylan Smith said they expected a re-acceleration of revenue growth after the current fiscal year, with plans to reach $1 billion in revenue by the end of 2021.

The glum forecast prompted a rapid selloff, driving down Box’s share price by more than 13 percent in after-hours trading. Shares rose a fraction of a point, to $24.06, in regular trading.

Image: JD Lasica/Flickr