Cloud service provider Dropbox, Inc. (NASDAQ: DBX) reported lower adjusted earnings first quarter of 2023, despite an increase in revenues.
First-quarter earnings, excluding special items, decreased to $0.42 per share from $0.38 per share in the corresponding period of last year. On a reported basis, the net profit was $69 million or $0.20 per share, compared to $79.7 million or $0.21 per share in the first quarter of 2022.
Revenues increased 9% annually to $611.1 million. The top line benefited from a 5% increase in the number of paying users to 17.9 million.
“While the economic backdrop remains tough for our existing businesses, the AI era of computing has arrived and we see a huge opportunity to apply AI/ML to our products to transform knowledge work. I’m committed to ensuring Dropbox is at the forefront of this era and excited to bring more AI-powered products to market for our customers,” said Dropbox’s CEO Drew Houston.
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