Cloud storage companies invented a better way to manage information because employees need “anytime, anywhere” access to data. Hundreds of millions of users have adopted these services, putting pressure on IT departments to find solutions that meet these new user expectations.
So can the public cloud providers do it profitably at a price companies are willing to pay? Based on recent Box financials and an analysis by Tomasz Tunguz of Redpoint Ventures, the answer would appear to be a resounding “no”. In addition to losing an astonishing $168 million on $124 million in revenue, Box does not seem to be performing well when compared to 40 publicly traded SaaS peers nine years after they were founded:
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