Dropbox, Inc. (NASDAQ: DBX) reported an increase in adjusted earnings for the third quarter of 2024. Revenues rose modestly during the quarter.
The company, a leading cloud-based document management platform, reported earnings of $0.60 per share for the third quarter, excluding special items, compared to $0.56 per share in the corresponding period of last year. On a reported basis, the net profit was $106.7 million or $0.34 per share in Q3, compared to $114.1 million or $0.33 per share in the same period of 2023.
Revenues increased 1% year-over-year to $638.8 million in the September quarter. The top line benefited from an increase in the number of paying users to 18.24 million.
“As the market opportunity heats up, we can leverage our large installed base, trusted brand, and scaled infrastructure to deliver on our next phase of growth. I’m excited about the opportunity to reimagine how we solve our customers’ biggest problems for the cloud-native, AI-powered world,” said Dropbox’s CEO Drew Houston.