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Home / Business / Dropbox surpasses its first results since the IPO

Dropbox surpasses its first results since the IPO



(Reuters) – The filesharing and storage company Dropbox Inc ( DBX.O ) has surpassed Wall Street's expectations for quarterly results and outperformed paying subscriber estimates in its first financial report as a publicly traded company.

FILE PHOTO: The Dropbox App logo on a cell phone in this illustration photo October 1
6, 2017. REUTERS / Thomas White / Illustration / File Photo

However, the company's stock, which had risen 10 percent this week the profit slipped 4 percent in extended trading on Thursday.

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 I / B / E / S Exceeds 11.3 million.

The company, which began 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 ARPU for the first quarter of $ 114.3, exceeding the analyst estimate of $ 110.

"(ARPU Growth) suggests that Dropbox manages to turn single paid users into business-paid users," D.A. Davidson analyst Rishi Jaluria said.

The Company Incorporated with Alphabet Inc ( GOOGL.O ) Google, Microsoft Corp. ( MSFT.O ) and Amazon.com Inc ( AMZN.O [19459028) and Box Inc ( BOX.N ), forecast sales of $ 328 million and $ 331 million for the current quarter.

Analysts expected sales of $ 324.9 million.

"Today's profits are also promising for existing investors who are still in their lock-up phase," said Minal Hasan, an investor in K2 Global, a Silicon Valley-based venture capital firm, in Startup Company invests.

Dropbox's quarterly loss widened to $ 465.5 million as it posted IPO-related spendings.

The company made a blockbuster debut on March 23, when investors made their biggest technology IPO after more than a year, with stocks closing more than 35 percent on their first day of trading.

On an adjusted basis, the company earned 8 cents a share, exceeding estimates of 5 cents.

Total revenue increased 28 percent to $ 316.3 million, ahead of estimates of $ 309.2 million.

Reporting by Munsif Vengattil in Bengaluru; Arrangement of Sriraj Kallowila


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