Dropbox beats quarterly estimates of revenue

The Dropbox-app-logo on a mobile phone in this illustration picture October 16, 2017. REUTERS/Thomas White/Image/File Photo

(Reuters) – the file-sharing and storage company Dropbox Inc. on Thursday beat Wall Street estimates for quarterly revenue and earnings, benefiting from an expanded customer base and a higher revenue per user.

Shares of the San Francisco-based company were 2.6 percent at $26.26 in extended trading.

Dropbox said it had 12.7 million subscribers at the end of the three months on Dec. 31, beating analysts ‘ average estimate of 12.54 million, according to FactSet.

The company has reported an average revenue of $119.61 per user, beating estimates of € 118.8, according to the IBES data of Refinitiv.

Started as a free service for sharing and storing photos, music and other large files, Dropbox now offers a range of enterprise software and services.

Quarterly loss reduced to $9.5 million in Dropbox the fourth financial report as a publicly traded company, of € 37.7 million a year earlier. The company is yet to make a profit, which is common for startups that invest in growth.

Excluding items, the company earned 10 cents per share, beating estimates of 8 cents.

The total turnover increased with 23 percent to $375.9 million, above estimates of $370 million.

Reporting Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli

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