Dropbox Climbs Following Earnings Beat
Dropbox (DBX) - Get Report shares were up nearly 4% after the company reported its first-quarter earnings results after the closing bell Thursday.
The San Francisco-based company reported first-quarter revenue of $385.6 million, a 22% year over year increase, yielding earnings of 10 cents per share. Analysts polled by FactSet were expecting the company to report revenue of $381.6 million on earnings of 6 cents per share.
The file-sharing company noted that it completed the acquisition of e-signature and document workflow platform HelloSign for $230 million during the quarter. The company said it would provide forward-looking guidance during its conference call at 5 PM ET.
"We kicked off 2019 with a strong Q1, driven by continued paying user growth and ARPU expansion," said Dropbox Co-founder and Chief Executive Officer Drew Houston. "Our 22% top-line growth and robust operating margins reflect our efficient go-to-market strategy and operational discipline. We've reached a scale few SaaS companies have achieved and continue to ship product experiences that put Dropbox at the center of our users' workflows. We also closed our first acquisition as a public company with HelloSign, and I'm excited about our future together."
