Dropbox ended the fiscal year with $1.661 billion in revenue and more than 14 million paying users, the company reported Thursday. With better-than-expected Q4 2019 results, shares were up in after-hours trading.
For the fourth quarter, Dropbox's non-GAAP net income was $67.4 million, or 16 cents per share. Total revenue was $446 million, an increase of 19 percent from the same period last year.
Analysts were looking for earnings of 14 cents on revenue of $443.41 million.
The company had 14.3 million paying users at the end of the quarter, compared to 12.7 million a year prior. Average revenue per paying user was $125, as compared to $119.61 for the same period last year.
Annual recurring revenue came to $1.82 billion, an increase of 19 percent year-over-year.
"Our strong Q4 marked the end of an exciting year for Dropbox as we launched our vision for the smart workspace," co-founder and CEO Drew Houston said in a statement. "We closed the year with more than $1.6 billion in revenue, over 450,000 Dropbox business teams, and millions of people using our new foreground app that keeps Dropbox at the center of our users' workflows."
For the full fiscal year 2019, non-GAAP income came to $207 million, or 50 cents per share. Total revenue was $1.661 billion, an increase of 19 percent year-over-year.
Average revenue per paying user was $123.07, as compared to $117.64 in the prior year.
Dropbox also announced that its board of directors authorized the company to repurchase up to $600 million of its Class A shares.