Dropbox (DBX), which went public in March this year, reported third-quarter revenue that jumped 26% to $360.3 million, helped by a 6% increase in average revenue per user (ARPU). Analysts had expected the top-line to reach just $352.18 million.
Adjusted earnings stood at $0.11 per share, higher than $0.06 per share expected by Wall Street. On a reported basis, net loss narrowed to 1 cent per share, compared to 7 cents per share a year ago.
DBX shares jumped 8.8% following the earnings announcement.
Chief Executive Officer Drew Houston said, “We delivered another quarter of strong execution in Q3, driving healthy top-line growth and expanding free cash flow margins. Combined with our ecosystem of best-in-class partners, Dropbox is becoming an even more central part of our customers’ workflows.”
Paying users totaled 12.3 million, as compared to 10.4 million in the year-over period. Meanwhile, ARPU rose to $118.60 from $112.05 for the same period last year.
Shares of the San Francisco, California-based company has fallen over 15% since its first day’s closing price. The stock is almost down 18% in the past four months.
During the prior sequential quarter, the company’s stock had tumbled 6% during the after-market hours despite posting narrower losses on a 27% jump in revenue. The shares were hurt by the announcement that COO Dennis Woodside was stepping down from the company.
Dropbox rival Box (BOX) is scheduled to report third-quarter earnings on Wednesday, November 28.
Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew
Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter
Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings