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According to a recent report published by MarketsandMarkets, the cloud storage market size is estimated to grow $23.76 billion in 2016 to $74.94 billion by 2021. That translates to an annualized growth rate of 25.8% over the five-year period.

Box’s Financials

Box’s (NYSE: BOX) fourth quarter revenues grew 29% over the year to $109.9 million, ahead of the market’s expectations of $108.8 million. But the company continued to suffer losses and ended the quarter with a loss of $0.10 per share. However, it was better than the market’s expected loss of $0.13 per share. During the quarter, billings grew 22% to $159.3 million.

Box ended the year with revenues growing 32% to $398.6 million with billings improving 23% to $454.2 million. Non-GAAP net loss per share improved to $0.56 per share compared with loss of $1.12 per share reported a year ago.

For the current quarter, Box forecast revenues of $114-$115 million, and a net loss of $0.14-$0.15 per share. The Street had a forecast of revenues of $115 million and a loss of $0.12 per share. Box expects to end the year with revenues of $500-$504 million, and a net loss of $0.45-$0.49 per share. The market was looking for revenues of $501 million and a loss of $0.41 per share for the year.

Box’s Product Enhancements

To expand its market reach, Box has been working on new products. During the quarter, it released the new Box Notes web and desktop apps that help in driving real-time collaboration across teams while ensuring that the system meets the security, governance, and compliance needs of large enterprises. The real-time collaboration tool has been built into the Box app and offers an intuitive web application for fast collaboration. It allows users to access and pull up notes through a sidebar, mark and retrieve bookmarked notes, and is available right from the desktop for both Mac and PC Operating systems. Box is now working on making the service available offline so that users will be able to utilize the service whenever they want to. When they connect with the Internet, Box Notes will sync to Box so that everyone will have the latest, up-to-date version.