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Drew Houston, chief executive officer and co-founder of Dropbox Inc., left, speaks as Arash Ferdowsi, co-founder of Dropbox Inc., listens during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Friday, March 23, 2018.
The online backup and data storage company went public in March 2018, trading on the Nasdaq composite. Thursday after the bell, Dropbox reported 2018 first-quarter earnings, its first earnings report as a publicly traded company. The report beat analysts’ expectations on earnings, at 8 cents per share vs. 5 cents anticipated, and revenue, at $316.3 million compared with $309.2 million expected.
The company has a market cap of nearly $13 billion, and Houston said revenue is up 28 percent. Paid subscribers also increased by about 500,000, jumping to 11.5 million.
“We had a really strong first quarter as a public company,” he said.