Box investors came into Wednesday’s quarterly report with high expectations after the stock’s 32 percent rally this year. Even though the company’s fiscal first-quarter results topped estimates, the shares dropped in extended trading.

Box will hold a conference call with analysts at 5 p.m. Eastern time.

Here are the key numbers from the report:

• Earnings: Excluding certain items, loss of 7 cents per share vs. loss of 8 cents per share as expected by analysts, according to Thomson Reuters.
• Revenue: $140.5 million vs. $139.7 million as expected by analysts, according to Thomson Reuters.

Revenue increased 20 percent in the quarter, according to a statement. The company’s billings revenue in the quarter totaled $116.7 million, above the FactSet analyst estimate of $113.1 million.

The stock, which has surged 50 percent in the past year, fell almost 4 percent to $26.76 after the close of trading.

In the quarter, Box added 3,000 paying business customers, for a total of 85,000. Box said Dubai Airports and Komatsu were adopting its software

For the fiscal second quarter, Box said that, excluding certain items, it’s expecting a loss of 5 to 6 cents per share on $146 to $147 million in revenue, while analysts polled by Thomson Reuters had expected a loss of 7 cents a share on $146.1 million in sales.

Box expects to report a loss for the year of 16 to 19 cents per share, excluding certain items, on $603 to 608 million in revenue. Analysts had expected a loss of 19 cents per share on $605.7 million in revenue, according to Thomson Reuters.

Additionally, Box said former Hewlett Packard Enterprise sales and marketing executive Sue Barsamian is joining its board. Last quarter, CEO Aaron Levie said Box was changing its sales compensation system to focus more on getting customers to adopt multiple products.

During the quarter, rival software company Dropbox started trading on the Nasdaq.

Box’s stock is up 32 percent since the beginning of the year.

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