Dropbox, Inc. (NASDAQ: DBX) on Thursday announced first quarter revenue and earnings that beat analysts’ estimate. However, the company’s stock was trading lower on Friday.
The San Francisco-based company said total revenue increased 28 percent to $316.3 million in the first quarter, beating analysts’ estimate of $309.2 million, according to Thomson Reuters.
Excluding certain items, the company earned 8 cents per share, also topping analysts’ expectation of 5 cents.
Paying users reached 11.5 million in the first quarter, compared to 9.3 million for the same period a year earlier. Average revenue per paying user was $114.30
“2018 has already been a banner year for Dropbox, and we're proud of our strong first quarter as a public company,” said Dropbox Co-Founder and Chief Executive Officer Drew Houston. “Growth in paying users and increased adoption of premium plans helped drive first quarter revenue of $316 million, up 28% year-over-year. We continued to add value to our platform with new product features, and enhanced our ecosystem through partnerships with Salesforce and Google. Our team is focused on building a great business for the long-term, and we’re excited for the opportunities ahead of us.”
Dropbox shares fell 1.6 percent $31.47 during Friday’s trading session. The company went IPO on the Nasdaq on March 23 at a debut price of $29 per share.