ReutersNov 08, 2019 04:16:06 IST
(Reuters) - Dropbox Inc
Dropbox, which competes with Alphabet Inc's
It acquired e-signature company HelloSign earlier this year and has partnered with rivals Microsoft and Google's file storage platforms, aiming to expand its reach and convert free users to paid customers.
Dropbox had 14 million subscribers at the end of the quarter, up from 12.3 million a year earlier and ahead of estimates of 13.89 million, according to FactSet.
Average revenue per user rose to $123.15, beating Refinitiv estimates of $122.82.
The company's deferred revenue, which measures future business for subscription-based software vendors, was $541.1 million, above estimates of $534 million, according to IBES data from Refinitiv.
Revenue rose 19% to $428.20 million (£334.09 million) in the third quarter, beating analysts' estimates of $423.48 million, according to IBES data from Refinitiv.
However, net loss widened to $17 million, or 4 cents per share, in the three months ended Sept. 30, from $5.8 million, or 1 cent per share, a year earlier.
On an adjusted basis, Dropbox earned 13 cents per share, beating analysts' estimates of 11 cents per share.
Shares of the company, which initially went up 5% in extended trading, were last down 3%.
(Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)
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