Dropbox, Inc. (NASDAQ: DBX), a cloud-based document management platform, reported an increase in adjusted earnings for the third quarter of 2023, aided by a 7% increase in revenues.
Third-quarter earnings, excluding special items, rose to $0.56 per share from $0.43 per share in the corresponding period of last year. On a reported basis, the net profit was $114.1 million or $0.33 per share in Q3, compared to $83.2 million or $0.23 per share in the third quarter of 2022.
Revenues increased 7% annually to $633 million. The top line benefited from a 4% increase in the number of paying users to 18.17 million.
“We continue to see an opportunity to leverage AI and machine learning to improve the experience of distributed work that will provide long-term value for our customers and shareholders,” said Dropbox’s CEO Drew Houston.