Shares of Dropbox Inc.
DBX,
were rising 7% in after-hours trading Thursday after the technology company, which provides storage and collaboration tools, exceeded profit and revenue expectations for the latest quarter. The company logged first-quarter net income of $69 million, or 20 cents a share, compared with $80 million, or 21 cents a share, a year prior. On an adjusted basis, Dropbox posted earnings per share of 42 cents, up from 38 cents a year before and ahead of the 36-cent FactSet consensus. Revenue increased to $611 million from $562 million, while analysts were modeling $601 million. Chief Financial Officer Timothy Regan said on Dropbox’s earnings call that executives expect $612 million to $615 million in second-quarter revenue, while the FactSet consensus was for $613 million.
