Dropbox beat Wall Street’s Q1 targets and gave a greater-than-anticipated enterprise forecast on Thursday in its first quarterly report card as a public firm. But with buyers having already bid up the inventory sharply within the first few weeks since its IPO, shares of Dropbox slipped barely after the “beat-and-raise” report.
The cloud storage firm’s income elevated 28% within the first three months of the yr, above the 24.5% clip anticipated by Wall Street.
And Dropbox mentioned income within the second quarter would vary between $328 mililon and $331 million, topping the $325.6 million anticipated by analysts.
Shares of Dropbox, that are up roughly 50% because the firm’s March IPO, fell three% in after hours buying and selling on Thursday following the report.
Here’s what Dropbox reported:
- Revenue (GAAP) for the quarter: Dropbox reported $316 million, up 28% from the yr earlier than. Analysts anticipated $308.7 million.
- Earnings per share (Adjusted) for the quarter: Dropbox reported $zero.08. Analysts anticipated $zero.02.
- Net loss (GAAP) was $465.5 million, as in comparison with a lack of $33.1 million in the identical interval final yr, however $418.7 million of that’s associated to its IPO.
- Q2 Revenue steerage: $328 mililon to $331 million, versus $325.6 million anticipated by analysts.
- Full yr 2018 steerage: $1.343 billion to $1.355 billion, versus $1.33 billion anticipated by analysts.
Analysts additionally saved their eyes peeled for Dropbox’s paid consumer development, common income per consumer, non-GAAP gross margin and free money circulate.
- Dropbox had a complete of 11.5 million paying customers, in comparison with 9.three million for a similar interval final yr.
- The common income per paying consumer was $114.30, in comparison with $110.79 for a similar interval final yr.
- Non-GAAP gross margin was 74.2%, in comparison with 63.5% in the identical interval final yr.
- Free money circulate was $51.9 million, in comparison with $56.5 million in the identical interval final yr.
Dropbox did not give steerage in its earnings press launch however mentioned it could share these figures on its earnings name. Analysts are searching for a income steerage (GAAP) for fiscal 2018 of $1.33 billion, and an earnings per share steerage (adjusted) of $zero.15.
Dropbox, now valued at $12.5 billion on the general public markets, started buying and selling on the Nasdaq on the finish of March in what was widely considered a successful IPO.
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