Cloud service provider Dropbox, Inc. (NASDAQ: DBX) has reported higher earnings and revenues for the fourth quarter of 2022 when the company’s user base grew by 6%.
Fourth-quarter earnings, excluding special items, decreased modestly to $0.40 per share from $0.41 per share in the corresponding period of last year. On a reported basis, the net profit was $328.3 million or $0.93 per share, compared to $124.6 million or $0.32 per share in the fourth quarter of 2021.
Revenues increased 6% annually to $598.9 million. The top line benefited from a 6% increase in the number of paying users.
Check this space to read management/analysts’ comments on Dropbox’s Q4 results
“Looking ahead to 2023, we remain focused on executing against our strategic objectives, improving our operational efficiency, and continuing to leverage advancements in AI and ML into our product roadmap as we work towards our mission of designing a more enlightened way of working,” said Dropbox’s CEO Drew Houston.