Dropbox (NASDAQ:DBX) earnings for the cloud storage company’s second quarter of 2020 have DBX stock taking a beating after-hours Thursday. That’s despite its adjusted earnings per share of 22 cents beating out Wall Street’s estimate of 17 cents. Its revenue of $467.4 million also comes in above analysts’ estimate of $465.29 million.
Let’s take a deeper dive into the most recent Dropbox earnings report below.
- Adjusted per-share earnings are up 120% from 10 cents during the same time last year.
- Revenue for the quarter is sitting 16% higher than the $401.5 million reported in the second quarter of 2019.
- Operating income of $12.8 million is a positive change year-over-year from an operating loss of $34 million.
- The Dropbox earnings report also has it bringing in a net income of $17.5 million.
- That’s a major improvement over the company’s net loss of $21.4 million in the same period of the year prior.
Drew Houston, CEO of Dropbox, said the following in the earnings report.
“Our Q2 results are a testament to our teams’ hard work supporting our customers in this new environment. Over the past quarter, we introduced a number of products to help facilitate distributed work, addressing both team and personal use cases. With solid revenue growth, robust margin expansion, and continued GAAP profitability, we remain confident in the resiliency of our business.”
Dropbox also notes that current CFO Ajay Vashee is leaving the company after eight years. He’ll step down on Sept. 15 and replacing him is Tim Regan, the company’s chief accounting officer.
DBX stock was down 4.8% after markets closed on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.