Dropbox tops revenue, profit estimates; shares rise By Reuters

(Reuters) – File sharing and storage company Dropbox Inc (O:) on Thursday topped Wall Street targets for quarterly revenue and profit, benefiting from an expanded customer base and higher revenue per user.

The company’s shares rose 5.3 percent in extended trading.

Dropbox said it had 12.3 million paying subscribers by the end of the third quarter, up 18 percent from a year earlier. Analysts on average had expected 12.2 million subscriptions, according to FactSet.

The company, posting its third financial report as a publicly traded company, reported average revenue per user of $118.6, beating estimates of $116.97.

The company’s loss narrowed to $5.8 million, or 1 cent per share in the quarter ended Sept. 30, from 14.1 million, or 7 cents per share, a year earlier.

Excluding items, the company earned 11 cents per share, beating estimates of 6 cents, according to IBES data from Refinitiv.

Total revenue rose 26 percent to $360.3 million, above estimates of $352.7 million.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.