Cloud service provider Dropbox, Inc. (NASDAQ: DBX) Thursday reported stronger-than-expected earnings and revenues for the first quarter of 2021. The company’s stock gained soon after the announcement.
First-quarter earnings, excluding special items, rose to $0.35 per share from $0.17 per share in the corresponding period of last year. Analysts had predicted a slower growth. On a reported basis, it was a net profit of $47.6 million or $0.12 per share, compared to $39.3 million or $0.09 per share in the first quarter of 2020.
The bottom line benefited from a 12% increase in revenues to $511.6 million, which also exceeded the consensus forecast.
Read management/analysts’ comments on Dropbox’s Q1 results
Shares of Dropbox closed Thursday’s regular trading lower but gained during the extended session after the announcement.