Dropbox shares jump on earnings beat

Dropbox reported 14.3 million paying users in the fourth quarter, up from 14 million users in the previous quarter and above the 14.2 million expected among analysts surveyed by FactSet. Average revenue per paying user totaled $125, up from $123.15 one quarter earlier and more than the FactSet consensus estimate of $123.81.

In the fourth quarter Dropbox announced the departure of its chief customer officer, Yamini Rangan, who has since joined"App usage trends have worsened since our August initiation, with downloads declining ~20% in Q4 and in-app purchase rev. decelerating significantly," Bernstein analysts Zane Chrane and Michelle Isaacs, who have the equivalent of a sell rating on Dropbox stock, wrote in a note distributed to clients on Wednesday.

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