Dropbox beats expectations in first quarterly earnings
Dropbox CEO Drew Houston and Dropbox co-founder Arash Ferdowsi celebrate the launch of Dropbox's initial public offering. Photo: Drew Angerer/Getty Images
Dropbox's first quarterly earnings as a public company are not too shabby: it posted $0.08 earnings per share, beating estimates of $0.05, and $316.30 million in revenue, beating estimates of $309.2 million.
Why it matters: Dropbox, which offers storage and collaboration services, took a long time to go public, in part to give the company time to whip its business into shape, which it seems to have done.
More from Dropbox's earnings:
- Paying users: 11.5 million, up from 9.3 million a year ago.
- Average revenue per paying user: $114.30, up from $110.79 a year ago.
In after-hours trading, Dropbox's stock price initially picked up a bit before slowly declining by about 5% by the end of the company's earnings call.