Categories AlphaGraphs, Earnings, Technology
Dropbox beats market consensus in its maiden quarterly report
Cloud storage company Dropbox (DBX) in its maiden quarterly earnings report, topped revenue and earnings estimates for the first quarter. Revenue came in at $316.3 million, higher than analyst expectation of $309 million, while adjusted earnings were $0.08 per share, compared to the consensus estimate of $0.04 per share.
Revenue jumped 27.5% driven by increased paid user growth and higher adoption of premium plans. In the quarter, Dropbox had announced business relationships with Salesforce (CRM) and Google (GOOGL), which the company expects to act as a tailwind in revenue growth going forward.
On a reported basis, however, the file-sharing company posted a wider loss of $465.5 million, or $2.13 per share, compared to $33.1 million, or $0.17 per share a year earlier.
“Growth in paying users and increased adoption of premium plans helped drive first quarter revenue of $316 million, up 28% year-over-year. We continued to add value to our platform with new product features, and enhanced our ecosystem through partnerships with Salesforce and Google”, said Drew Houston, CEO.
Dropbox revealed that its paid users increased 23.6% year-over-year to 11.5 million, while average revenue per paying user grew 3.1% to $114.30. The company has been seeing steady growth in its registered user growth since inception and currently has over 500 million users across 180 countries.
The company’s stock has had a seesaw trend since IPO and could not bring in the momentum expected despite the results beating analyst expectations. Post the earnings release, the stock was in green picking up marginally by about 1%.
Most Popular
AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard