Dropbox Beats Q3 Estimates on Remote Work Products Focus

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Dropbox posted better-than-expected third-quarter results on Thursday as it continues to deliver seamless distributed work.

The Company’s non-GAAP net income per share for the third quarter was 37 cents on revenue of $550.2 million, an increase of 12.9% over the same period last year.

Analysts had previously expected a profit of 35 cents and revenue of $543 million.

Drew Houston, CEO of Dropbox, said: “Q3 was another solid quarter with record free cash flow, strong revenue growth, and great progress against our strategic objectives as we focus on delivering more value to our customers and shareholders.”

Since the Covid 19 pandemic forced most employees to work remotely, Dropbox has revised its product roadmap.

Total annual recurring revenue (ARR) stood at $2.218 billion, an increase of $52.1 million quarter-over-quarter and an annual increase of 12%.

The number of premium users was 16.49 million, compared to 15.25 million in the same period of 2020. Average revenue per paying user was $133.79, compared to $128.03 in the same period a year ago.

For more information, you may view the original story from ZDnet.

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