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Dropbox rises after company posts first quarterly profit

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It's the first time Dropbox's bottom line is in the black since the company went public two years ago.

Analysts polled by Refinitiv had expected 14 cents in adjusted earnings per share on $452.2 million in revenue. However, comparing results against estimates isn't straightforward given that the coronavirus spread during the quarter.

The company reported 14.6 million paying users at the end of the first quarter, up from 14.3 million one quarter ago. Analysts surveyed by FactSet had expected 14.61 million paying users. Average revenue per paying user was $126.30 for the quarter, up from $125 in the fourth quarter. The FactSet consensus was $126.22.

Dropbox enables remote content collaboration, although it has "meaningful" exposure to small and medium-sized businesses, DA Davidson analysts Rishi Jaluria wrote in a note distributed to clients on Monday.

 

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