Dropbox beats Q1 expectations with revenue up 12 percent

The cloud-based file sharing company in Q1 saw a 30 percent year-over-year increase in paid users of Dropbox Professional
Written by Stephanie Condon, Senior Writer

Dropbox on Thursday published first quarter financial results, beating both top and bottom line expectations. 

Non-GAAP net income for the quarter was $141.8 million, or 35 cents per share. Revenue was $511.6 million, up 12 percent year-over-year.

Analysts were expecting earnings of 30 cents per share on revenue of $505.18 million. 

"We kicked off the year with a profitable Q1, along with strong revenue growth and free cash flow," CEO Drew Houston said in a statement. "We welcomed DocSend to the team, saw great momentum with HelloSign, and continued to make meaningful progress against our 2021 priorities. In this new era of distributed work, we have a big opportunity to deliver more value to our customers and shareholders, and I'm excited for what's ahead."

Total annual recurring revenue (ARR) ended at $2.112 billion, an increase of 13 percent from the same period last year.

Paying users ended at 15.83 million, as compared to 14.59 million for the same period last year. Average revenue per paying user was $132.55, as compared to $126.30 for the same period last year.

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