Dropbox Inc (NYSE:DBX), a cloud storage and e-signature company, reported solid financial results for the first quarter, sending its shares higher in early trade on Friday.
The company said its earnings per share increased to $0.58 from $0.42, above the expected $0.50.
Revenue increased 3.3% year-over-year to $631.3 million, narrowly ahead of Street estimates of $628.6 million.
Paying users grew to 18.16 million from 17.9 million for the same period in 2023 and 18.12 in the previous quarter.
"In Q1, our core business delivered in-line revenue and better than anticipated profitability," Dropbox CEO Drew Houston commented.
“Looking ahead, we’ll stay disciplined in our operations, while investing in growth initiatives focused on building AI-powered product experiences to improve distributed work for our customers.”
Shares of DropBox traded higher post-earnings, up 1.7% at $23.53 shortly after Friday’s opening bell.