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SAN FRANCISCO - Dropbox, Inc. (NASDAQ:DBX) reported fourth-quarter earnings that exceeded analyst expectations, while revenue came in slightly above estimates. The cloud storage company’s shares remained flat in after-hours trading following the announcement.
Dropbox posted adjusted earnings per share of $0.73 for Q4, surpassing the analyst consensus of $0.62 by $0.11. Revenue for the quarter reached $643.6 million, a 1.4% YoY increase and marginally above the $639.05 million analysts had projected.
The company’s total annual recurring revenue (ARR) grew 2.0% YoY to $2.574 billion. Dropbox reported 18.22 million paying users in Q4, up from 18.12 million in the same period last year. Average revenue per paying user increased to $140.06 from $138.83 YoY.
"We delivered solid results in 2024 and made a lot of progress bringing our AI-powered product, Dash for Business, to market and restructuring our core business to be even more efficient," said Drew Houston, Dropbox Co-Founder and CEO.
For the full fiscal year 2024, Dropbox reported total revenue of $2.548 billion, a 1.9% increase from the previous year. The company’s non-GAAP operating margin improved to 36.4% from 32.8% in the prior year.
Dropbox also announced a new $1.2 billion share repurchase program in December 2024, demonstrating confidence in its financial position and commitment to returning value to shareholders.
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