Dropbox, Inc. (NASDAQ: DBX) has reported a sharp increase in adjusted earnings for the fourth quarter of 2024. Revenues increased modestly.
The tech firm, a leading cloud-based document management platform, reported adjusted earnings of $0.73 per share for the fourth quarter, compared to $0.50 per share in the corresponding period last year. On a reported basis, net income was $102.8 million or $0.34 per share in Q4, compared to $227.3 million or $0.66 per share in Q4 of 2023.
Revenues increased 1% year-over-year to $643.6 million in the December quarter. The top line benefited from a modest increase in the number of paying users to 18.22 million.
“Looking ahead to 2025, we’ll continue with our strategy of scaling Dash, simplifying and strengthening our profitable core business, and integrating Dash and FSS to deliver even greater value to our customers. While still early, the positive feedback from our Dash users has been encouraging, validating the need for practical AI-powered tools that solve real customer pain points in finding and securing all their content,” said Dropbox’s CEO Drew Houston.
