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Box Stock Closes Down 11.5% After Q1 Billings Miss Estimates

NEW YORK (TheStreet) -- Box (BOX) stock closed lower by 11.51% to $11.34 on heavy trading volume on Thursday after the enterprise cloud storage provider reported weak billings growth for the fiscal 2017 first quarter.

After Wednesday's market close, the Redwood City, CA-based company said billings increased 9% year over year to $75.9 million for the quarter ended April 30.

Analysts were expecting billing to increase 18.9% to $83 million, according to Credit Suisse.

The markets may be unpredictable, but Jim Cramer...