Dropbox tops revenue, profit estimates; shares rise By Reuters

© Reuters. FILE PHOTO: Illustration photo of the Dropbox app

© Reuters. FILE PHOTO: Illustration photo of the Dropbox app

(Reuters) – File sharing and storage company Dropbox Inc (O:) on Thursday topped Wall Street targets for quarterly revenue and profit, benefiting from an expanded customer base and higher revenue per user.

The company’s shares rose 5.3 percent in extended trading.

Dropbox said it had 12.3 million paying subscribers by the end of the third quarter, up 18 percent from a year earlier. Analysts on average had expected 12.2 million subscriptions, according to FactSet.

The company, posting its third financial report as a publicly traded company, reported average revenue per user of $118.6, beating estimates of $116.97.

The company’s loss narrowed to $5.8 million, or 1 cent per share in the quarter ended Sept. 30, from 14.1 million, or 7 cents per share, a year earlier.

Excluding items, the company earned 11 cents per share, beating estimates of 6 cents, according to IBES data from Refinitiv.

Total revenue rose 26 percent to $360.3 million, above estimates of $352.7 million.

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