Cloud service provider Dropbox, Inc. (NASDAQ: DBX) reported stronger-than-expected earnings and revenues for the first quarter of 2022. The company’s stock made modest gains soon after the announcement.
First-quarter earnings, excluding special items, rose to $0.38 per share from $0.35 per share in the corresponding period of last year. Analysts had predicted a slower growth. On a reported basis, net profit was $79.7 million or $0.21 per share, compared to $47.6 million or $0.12 per share in the first quarter of 2021.
The bottom line benefited from a 10% increase in revenues to $562.4 million, which also exceeded the consensus forecast.
Read management/analysts’ comments on Dropbox’s Q1 results
Shares of Dropbox ended Thursday’s trading lower but gained during the extended session. The stock has lost about 23% in the past six months.