Dropbox quarterly revenue beats estimates

Dropbox quarterly revenue beats estimates

Dropbox Inc on Thursday topped Wall Street estimates for revenue for a sixth straight quarter since going public as it added more individual and business customers, while earning more from them.

FILE PHOTO: Illustration photo of the Dropbox app
FILE PHOTO: The Dropbox app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration

REUTERS: Dropbox Inc on Thursday topped Wall Street estimates for revenue for a sixth straight quarter since going public as it added more individual and business customers, while earning more from them.

The company said it had 13.6 million subscribers at the end of three months on June 30, beating analysts' expectation of 13.4 million, according to FactSet.

Average revenue per user rose to US$120.48 from US$116.66 a year earlier.

Net loss widened to US$ 21.4 million (£17.6 million), or 5 cents per share, for the second quarter, from US$4.1 million, or 1 cent per share, a year earlier.

The file hosting company's revenue rose 18per cent to US$ 401.5 million, beating the average analyst estimate of US$400.9 million, according to IBES data from Refinitiv.

(Reporting by Neha Malara in Bengaluru; Editing by Arun Koyyur)

Source: Reuters

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