Content collaboration vendor Dropbox Inc (NYSE:DBX) reported robust 2Q earnings that came in above its projected metrics.
The company reported earnings of $0.51 per share, surpassing Wall Street's estimate of $0.45 cents per share. Revenue also grew by 9% to $622.5 million, exceeding analyst projections of $613.6 million.
Dropbox's paying user base expanded to 18.04 million, an increase of 3.9% from the same period last year.
The company also reported a healthy increase in average revenue per paying user at $138.94 compared to $133.34 in the same period last year.
Its non-GAAP net income of $174 million rose from $138.1 million in the same period last year.
CEO Drew Houston revealed plans to unveil a series of AI products, emphasizing responsible use.
Houston acknowledged the impact of the challenging economic landscape on purchasing decisions, particularly affecting Teams customers and pressuring growth in DocSend and Sign businesses.
Shares of Dropbox were up nearly 5% in premarket trading on Friday at $25.95.
Contact Angela at angela@proactiveinvestors.com
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