May 10, 2018

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.

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  1. Global: Total confirmed cases as of 2:30 p.m. ET: 5,547,523 — Total deaths: 348,040 — Total recoveries — 2,269,422Map.
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  3. Trump administration: Mike Pence's press secretary returns to work.
  4. States: New York reports lowest number of new coronavirus deaths since March.
  5. Public health: The final data for remdesivir is in, and its benefits are rather limited.
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Updated 2 mins ago - Politics & Policy

FBI to investigate death of black man after video shows officer kneeling on neck

A man protesting near the area where a Minneapolis Police Department officer allegedly killed George Floyd. Photo: Kerem Yucel/AFP via Getty Images

The FBI will investigate the death of a black man for possible civil rights violations after video emerged of a Minneapolis police officer kneeling on the man's neck for several minutes, ignoring protests that he couldn't breathe, the Minneapolis Star Tribune reports.

The big picture: The man, identified as George Floyd, was being arrested for alleged forgery and appeared to be under the influence of alcohol or drugs, according to a police press conference Monday night. Police say he resisted arrest before suffering from “medical distress."

Pentagon watchdog sidelined by Trump resigns

Fine testiying before the Senate Judiciary Committee in 2017. Photo: Drew Angerer/Getty Images

Glenn Fine, the Pentagon's principal deputy inspector general, submitted his resignation on Tuesday.

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