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5/6, 10:11 PM (Source: TeleTrader)
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Dropbox-2.17%

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Dropbox Q1 revenue up 12% to $511.6M YoY

Dropbox revealed its earnings report for the first quarter of 2021 on Thursday, marking a 12% jump in revenue to $511.6 million, compared to the same period of last year. GAAP net earnings per share in the three-month period stood at $0.12 per share, up by 33% from last year's $0.09 per share.

GAAP net income was 21.1% higher year-on-year and amounted to $47.6 million, compared to the $39.3 million of the comparable period in 2020. Meanwhile, the number of paying users increased by 8% from 14.59 million at the end of last year's first quarter to 15.83 million people this year.

"We kicked off the year with a profitable Q1, along with strong revenue growth and free cash flow. 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," said Drew Houston, CEO of Dropbox.

Dropbox stocks rose by 2.77% to sell for $0.77 per share in the after-hours trading following the release of the earnings report.

Breaking the News / LH