Dropbox (NASDAQ:DBX) reported its quarterly earnings results late in the afternoon today, bringing in a profit that was stronger than what analysts called for, while the company’s revenue increased year-over-year, playing a role in lifting DBX stock more than 3% after hours Thursday.
The San Francisco, Calif.-based digital storage business — founded in 2007 — announced that for its first quarter of its fiscal 2019, it brought in a net loss of $7.7 million, or 2 cents per share, which was considerably narrower than the company’s losses from the year-ago quarter, which came in at $465.5 million, or $2.13 per share.
Dropbox added that when adjusted for stock-based compensation and other items, the company brought in earnings of 10 cents per share, which was a beat when taking into account the Wall Street adjusted earnings consensus estimate of 6 cents per share, according to data compiled by FactSet in a survey of analysts.
The company added that it brought in revenue of $385.6 million, which marked a 22% increase from the $316.3 million it brought in during the same period a year ago. The figure was higher than the Wall Street revenue guidance as analysts predicted Dropbox would amass sales of $381.6 million.
For its second quarter of 2019, analysts predict adjusted earnings of 8 cents per share on revenue of $282 million.
DBX stock is surging roughly 3.6% after the bell today following the company’s impressive quarterly earnings showing. Shares had been sliding roughly 1.9% during regular trading hours as Dropbox geared itself up to report its latest quarterly earnings figures.