Dropbox surpasses expectations for Q1 by a 12 percent increase in revenue.
During the first quarter, the cloud-based file-sharing company saw a 30 percent increase in the number of paying users of Dropbox Professional.
Non-GAAP net quarterly earnings were $141.8 million and 35 cents per share. In revenue, it reached $511.6 million, which was up 12 percent from the prior year.
Analysts were anticipating the company to earn 30 cents a share on revenues in the range of $505.18 million.
Dropbox Q1 YOY 15.83M 14.59M
“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.”
Also, read Jeff Lawson SF Knight San Francisco Chronicle
The total annual recurring revenue (ARR) was $2.112 billion, up 13 percent compared to the same time last year.
Paying users topped out at 15.83 million, contrasted to 14.59 million in the same period in the previous year. The average revenue per paying customer was $132.55, compared to $126.30 in the same time frame as the previous year.
Daniel was born in Auckland and raised in Calgary, except for the time when he moved back to Quebec and attended high school there. He studied Physics and Science at the University of Auckland. He began writing after obsessing over books.