Box management said they actually beat the consensus estimate for losses per share despite the headlines to the contrary.

Box and Shake Shack both released their first earnings reports as public companies last night, and Wall Street was disappointed with both of them. Shares of Box stock dived as much as 15.1% to $17.43 per share, while Shake Shack fell as much as 4.07% to $44.99 per share during regular trading hours today.

Box disputes analyst consensus

Box posted adjusted losses of $1.65 per share on $62.6 million in revenue. Where the company got into trouble is the consensus estimate for losses per share, which was initially reported as $1.17. However, Box disputed that number, stating that many analysts were using an incorrect share count to calculate their estimates for losses per share.

Some analyst consensus for $Box non-GAAP EPS for Q4’15 had wrong share count; FactSet had estimate of -$1.99; at -$1.65, Box beat by $0.34.

— Box IR (@BoxIncIR) March 11, 2015

The cloud storage provider posted a 33% growth rate in billings, which amounted to $82 million for the quarter. Management said on Box’s earnings call that they expect to be cash flow positive within the next eight quarters.

The company guided for between $63 million and $64 million in revenue for the current fiscal quarter and between $281 million and $285 million for the full year, which is higher than the consensus estimate of $277 million. Those numbers represent fairly modest growth, which may be why Wall Street was disappointed even with the losses per share beat after correcting for the lower share count.

Shake Shack beats, but Wall Street’s unhappy

Shake Shack (SHAK) posted adjusted losses of 1 cent per share on $34.8 million in revenue. Analysts had been looking for losses of 3 cents per share on $33.1 million in revenue for the quarter. Net losses per share were 5 cents, which include expenses related to the burger chain’s initial public offering.

Same store sales rose 7.2% for the fourth fiscal quarter, beating the 4% consensus estimate, but 4.1% for the full year. Shake Shack expects same store sales to increase in the low single digits this year. Management warned investors that the 7.2% fourth quarter growth rate isn’t sustainable and said they will keep being conservative with their estimates.

Average weekly sales fell 3.4% to $85,000 for the quarter, although Shake Shack said this was due to the opening of more stores and the fact that average volumes were a lot higher in the chain’s hometown of Manhattan.