DBX Earnings: Dropbox Q2 2023 adj. profit rises on higher revenues

Cloud service provider Dropbox, Inc. (NASDAQ: DBX) reported an increase in adjusted earnings for the second quarter of 2023, aided by a 9% increase in revenues.

Second-quarter earnings, excluding special items, rose sharply to $0.51 per share from $0.38 per share in the corresponding period of last year. On a reported basis, the net profit was $43.2 million or $0.15 per share in Q2, compared to $62 million or $0.17 per share in the second quarter of 2022.

Revenues increased 9% annually to $622.5 million. The top line benefited from a 4% increase in the number of paying users to 18.04 million.

“As we navigate this period of economic uncertainty, we remain focused on improving the product experience within core Dropbox and creating more value across workflows and AI-driven capabilities,” said Dropbox’s CEO Drew Houston.

Prior Performance