Dropbox stock (NASDAQ:DBX) is skyrocketing late in the day Thursday as the file-sharing service provider posted its latest quarterly earnings results, which topped what analysts were calling for by a decent margin.
The San Francisco-based company said that for its third quarter of fiscal 2018, its net losses tallied up to $5.8 million, which amounted to a penny per share. The figure was an improvement over the company’s losses from the year-ago quarter of $14.1 million, or 7 cents per share.
On an adjusted basis, Dropbox posted earnings of $45 million, or 11 cents per share, nearly doubling the company’s year-ago net income of $23.5 million, or 7 cents per share. The Wall Street consensus estimate was calling for the file-sharing app operator to amass adjusted earnings of 6 cents per share, according to data compiled by FactSet.
The company also said that for its third quarter, its revenue reached $360.3 million, a 26% increase compared to its year-ago quarter. The figure was also ahead of the Wall Street consensus estimate of $352.8 million in sales, according to what analysts polled by FactSet projected from Dropbox’s period.
Revenue growth did decline year-over-year to 26% from 27%, while the company’s free cash flow was $120 million by the end of the period.
Dropbox stock soared more than 8.8% after the bell on Thursday as the file-sharing service provider unveiled a strong earnings showing for its third quarter. DBX shares had been sliding about 1.1% during regular trading hours in anticipation of the company’s results.