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30 Jun, Thursday
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Bull Trader USA

Earnings Results: Dropbox shares inch lower despite sales, earnings beats

Shares of Dropbox Inc. retreated 0.4% in extended trading Thursday after the software company reported fiscal third-quarter sales that eclipsed Wall Street projections.

Dropbox
DBX,
+0.94%

reported net income of $75.6 million, or 19 cents a share, compared with net income of $32.7 million, or 8 cents a share, in the year-ago quarter. Revenue rose 13% to $550.2 million from $487.4 million a year ago. Adjusted earnings were $147.1 million, or 37 cents a share.

Analysts surveyed by FactSet had expected net income of 35 cents a share on revenue of $544 million.

Dropbox’s stock has surged 40% in 2021, while the broader S&P 500 index
SPX,
+0.42%

has gained 24% this year.

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