Dropbox, Inc. announced on Thursday that its revenue for the fourth quarter of the 2024 fiscal year increased 1.4% to $643.6 million, compared with a similar quarter a year ago.
Net income dropped to $102.8 million from $227.3 million last year, translating to diluted earnings per share of $0.34 compared to $0.66 reported in the same quarter in 2023. Moreover, while paying users increased to 18.22 million, Dropbox's average revenue per user rose to $140.06. For the full 2024, revenue advanced 1.8% to $2.5 billion, net income decreased by 0.2% while diluted EPS jumped 6.8% to $1.40.
"We delivered solid results in 2024 and made a lot of progress bringing our AI-powered product, Dash for Business, to market and restructuring our core business to be even more efficient," Dropbox Co-Founder and Chief Executive Officer Drew Houston said. The company's stock lost 4.86% in the post-trading operations after the release to sell at $30.33 apiece.
