Dropbox surpasses expectations for Q1 by a 12 percent increase in revenue.
During the first quarter, Dropbox, a cloud-based file sharing service, saw a 30 percent increase in the number of paid Dropbox Professional users. Dropbox Professional
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Read nowDropbox released Thursday the results of its first quarter financials and beat both bottom and top-line expectations.
Non-GAAP net quarterly earnings were $141.8 million and 35 cents per share. The revenue reached $511.6 million, up 12 percent over the previous year.
Analysts were anticipating profits of 30 cents per share on revenues in the range 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.”
The total annual recurring revenue (ARR) reached $2.112 billion, which is a rise of 13.4% compared to the same time last year.
Paying users topped out with 15.83 million, in contrast to 14.59 million during 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 the previous year.