Dropbox's stock rises 3% on sales, earnings beats
Dropbox Inc.'s. stock rose 3% in extended trading Thursday after the software company reported fiscal first-quarter revenue that exceeded Wall Street analysts' forecasts. Dropbox reported net income of $79.7 million, or 21 cents a share, compared with net income of $47.6 million, or 12 cents a share, in the year-ago quarter. Adjusted earnings were 38 cents a share. Revenue improved 10% to $562.4 million from $511.6 million a year ago. Analysts surveyed by FactSet had expected net income of 37 cents a share on revenue of $560.2 million. Shares of Dropbox has dropped 13% this year, while the broader S&P 500 index has declined 13%.
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