Dropbox reported revenue increase of 19% from the same period last year, as the online file hosting company added more individual and business customers
“We had a strong Q3 highlighted by 19% top line growth and margin expansion,” said Dropbox Co-founder and Chief Executive Officer Drew Houston. “We’re excited about the early momentum we’ve seen with our new desktop app — millions are already using it since it was made generally available on September 25. Together with the launch of Dropbox Spaces, we’re making great progress towards building the world's first smart workspace where people can focus on the work that matters.”
The company’s revenue rose 19% to $428.20 million in the third quarter. This was the seventh straight quarter of sales beat since the company went public in March 2018.
Average revenue per user rose to $123.15.
Dropbox had 14 million subscribers at the end of the quarter, up from 12.3 million a year earlier.
However, net loss widened to $17 million in the three months ended Sept. 30, from $5.8 million a year earlier.