Cloud service provider Dropbox, Inc. (NASDAQ: DBX) has reported stronger-than-expected earnings and revenues for the fourth quarter of 2021. The company’s stock made modest gains soon after the announcement.
Fourth-quarter earnings, excluding special items, rose to $0.41 per share from $0.28 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 $124.6 million or $0.32 per share, compared to a loss of $345.8 million or $0.84 per share in the fourth quarter of 2020.
The bottom line benefited from a 12.2% increase in revenues to $565.5 million, which also exceeded the consensus forecast.
Shares of Dropbox opened Friday’s trading higher and gained in the early hours of the session. The stock has lost about 23% in the past six months.
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