Dropbox, Inc. announced on Thursday that its revenue for the third quarter of the 2024 fiscal year increased 0.9% to $638.8 million, compared with a similar quarter a year ago.
Net income dropped to $106.7 million from $114.1 million last year, translating to diluted earnings per share of $0.34. Moreover, while paying users increased marginally to $18.24 million, Dropbox's average revenue per user rose to $139.05.
"As the market opportunity heats up, we can leverage our large installed base, trusted brand, and scaled infrastructure to deliver on our next phase of growth. I’m excited about the opportunity to reimagine how we solve our customers' biggest problems for the cloud-native, AI-powered world," Dropbox Co-Founder and Chief Executive Officer Drew Houston said.
