Dropbox tops estimates in debut earnings report
Dropbox just released its first financial report since becoming a public company in March.
The cloud-based file sharing company delivered non-GAAP earnings of eight cents per share on revenue of $316.3 million, up 28 percent from the same period last year.
Wall Street was expecting earnings of four cents a share with revenue of $309.3 million.
The company said paying users now sit at 11.5 million, as compared to 9.3 million for the same period last year. Average revenue per paying user was $114.30, as compared to $110.79 for the same period last year.
"Growth in paying users and increased adoption of premium plans helped drive first quarter revenue," said CEO Drew Houston. "We continued to add value to our platform with new product features, and enhanced our ecosystem through partnerships with Salesforce and Google. Our team is focused on building a great business for the long-term, and we're excited for the opportunities ahead of us."
Shares are still bouncing around a bit after market trading.
More to come...