Dropbox beats quarterly revenue estimates

(Reuters) - File sharing and storage company Dropbox Inc on Thursday beat Wall Street estimates for quarterly revenue and profit, benefiting from an expanded customer base and higher revenue per user.

Reuters February 22, 2019 03:06:01 IST
Dropbox beats quarterly revenue estimates

Dropbox beats quarterly revenue estimates

(Reuters) - File sharing and storage company Dropbox Inc on Thursday beat Wall Street estimates for quarterly revenue and profit, benefiting from an expanded customer base and higher revenue per user.

Shares of the San Francisco-based company were up 2.6 percent at $26.26 in extended trading.

Dropbox said it had 12.7 million subscribers at the end of three months on Dec. 31, beating analysts' average estimate of 12.54 million, according to FactSet.

The company reported average revenue of $119.61 per user, beating estimates of $118.8, according to IBES data from Refinitiv.

Started as a free service to share and store photos, music and other large files, Dropbox now offers a range of enterprise software services.

Quarterly loss narrowed to $9.5 million in Dropbox's fourth financial report as a publicly traded company, from $37.7 million a year earlier. The company is yet to turn a profit, which is common for startups that invest heavily in growth.

Excluding items, the company earned 10 cents per share, beating estimates of 8 cents.

Total revenue rose 23 percent to $375.9 million, above estimates of $370 million.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Nine Chinese engineers among 13 killed in 'attack' on bus in northwest Pakistan
World

Nine Chinese engineers among 13 killed in 'attack' on bus in northwest Pakistan

The incident occurred in Dasu area of Upper Kohistan district of Khyber Pakhtunkhwa province where Chinese engineers and construction workers are helping Pakistan build a dam which is part of CPEC

WPI inflation eases to 12.07% in June as food, crude prices soften
Business

WPI inflation eases to 12.07% in June as food, crude prices soften

Inflation in fuel and power basket eased to 32.83 percent during June, against 37.61 percent in May

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
India

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes

The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces