Cloud file syncing and sharing software company Box today exceeded analysts’ estimates for the first quarter of its 2016 fiscal year, which ended on April 30.

The company registered 28 cents of non-GAAP net loss per share on $65.6 million in revenue for the quarter, according to its earnings statement. Analysts were expecting non-GAAP net loss of 31 cents per share and $63.7 million in revenue. Quarterly revenue increased by 45 percent year over year, up from $45.3 million.

Box claims it now has more than 47,000 customers. That’s up by a couple of thousand from last quarter.

Box stock was up more than 9 percent after hours following the earnings release. The stock has seesawed since it debuted on the New York Stock Exchange in January.

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The company does business in a highly dynamic market, facing competitors like Microsoft’s OneDrive, Google Drive, and Dropbox.

On a GAAP basis, Box had a $47.2 million loss for the quarter.

And Box’s revenue growth rate continues to fall. The company’s revenue grew 44.7 percent year over year for the quarter.

Box spent more than $23 million on research and development for the quarter. That’s equal to 35 percent of the revenue Box generated in the quarter.

News in this past quarter includes the Verold acquisition, the Developer Edition release, and a new $40 million startup-funding program to support startups building on the Box platform.