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Dropbox tops quarterly revenue, profit estimates on higher paying users

 Dropbox tops quarterly revenue, profit estimates on higher paying users

(Reuters) - File sharing and storage company Dropbox Inc topped Wall Street expectations for first-quarter revenue and profit on Thursday, as it signed up more paying users and earned more revenue from them.

Shares of the company were up 6.7 percent at $24.79 in extended trading.

Dropbox said it had 13.2 million paying subscribers at the end of three months on March 31, beating the average analyst estimate of 13 million, according to FactSet.

The total paying subscribers included 100,000 users from electronic signature company HelloSign, which Dropbox acquired for $230 million earlier in the year.

Average revenue per user of $121.04 came ahead of estimates of $120.78, according to IBES data from Refinitiv.

Quarterly loss narrowed to $7.7 million or 2 cents per share in Dropbox's fifth financial report as a publicly traded company from $465.5 million or $2.13 per share, a year earlier.

The company, which started as a free service to share and store photos, music and other large files, now offers a range of enterprise software services.

Excluding one-time items, Dropbox earned 10 cents per share, beating estimates of 6 cents, while total revenue rose 22 percent to $385.6 million, ahead of estimates.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Shinjini Ganguli)

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

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Updated Date: May 10, 2019 03:05:23 IST