Box reported its second quarter fiscal 2017 earnings after the bell on Wednesday.

The company beat estimates, posting an adjusted loss of 14 cents, compared to the 19 cents expected by analysts.

They also surpassed revenue predictions, reporting $95.7 million instead of $94.65 million, which is up 30% from the same quarter last year.

Shares ticked up about 5% in initial after-hours trading, and then fell flat.

Box is seeing a dramatic improvement in efficiency, co-founder and CEO Aaron Levie told TechCrunch, pointing to lower sales and marketing costs relative to new customer acquisition.

Investors had been skeptical that Box was spending too much in this category, but the company has been steadily improving this ratio.

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