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 paid Dropbox Professional users. Dropbox Professional
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Read nowDropbox released its first quarter’s financial results on Thursday and beat bottom and top-line expectations.
Dropbox Q1 YOY 15.83M 14.59M
Non-GAAP net earnings for the quarter were $141.8 million, equivalent to 35 cents to the share. The revenue totaled $511.6 million, 12 percent from the prior year.
Analysts had been expecting profits of 30 cents per share on revenues that was $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.”
Total annual recurring revenues (ARR) reached $2.112 billion, up 13 percent compared to last year.
Paying customers ended up 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 during the same time period in the year before.