Cloud Storage Company Box Files for $250 Million IPO

Box has filed for a $250 million initial public offering, confirming reports from earlier this year that the company was preparing to go public.

The cloud storage company highlighted significant user growth in its filing but noted that profitability is not expected in the near term due to the need to invest heavily and challenges from strong competitors.

Box said it achieved revenue of $124.2 million in its last fiscal year ending Jan. 31, but suffered a loss of $168.8 million as the company continues to invest in its growing business.

"As a result of our continuing investments to scale our business in each of these areas, we do not expect to be profitable for the foreseeable future," the company wrote in its IPO filing. Read more...