( Reuters ) – The filesharing and storage company Dropbox has surpassed Wall Street expectations for quarterly results and exceeded estimates for paid subscribers in its first financial report as a publicly traded company
shares This week before the gains had risen by 10 percent, gave to yesterday's trade by 4 percent.
The San Francisco-based company announced that the number of paying subscribers increased 23.7 percent to 11.5 million at the end of March. According to Thomson Reuters, the average analyst estimate is 11.3 million.
The company, which started as a free service to share and store photos, music, and other large files, has been working to build its enterprise software offering]. Dropbox reported average annual revenue per user (ARPU) for the first quarter $ 1
"(ARPU growth) suggests that Dropbox can successfully convert individual Pai d users to business-paid users," D.A. Davidson analyst Rishi Jaluria said:
The company, which is competing with Google, Microsoft and Amazon.com, and Box, forecasts revenue of $ 328 million and $ 331 million for the current quarter
"Today & # 39 's Profits are also a good sign for existing investors who are still in their lock-up phase, "said Minal Hasan, an investor in K2 Global, a Silicon Valley venture capital firm.
Dropbox Quarterly Losses Rise to $ 465.5 Million The company made a blockbuster debut on March 23 as investors acquired the largest technology IPO in more than a year, with first-year stocks over 35 percent closed
On an adjusted basis, the company earned 8 cents a share, beating estimates of 5 cents.
Total Revenues Up 28 Percent to $ 316.3 Million, Above Estimates of $ 309.2 Million
( Munsif Vengattil Reports in Bengaluru, edited by Sriraj Kalluvila )