Dropbox revealed its earnings report for the first quarter of 2022 on Thursday, noting a 9.9% increase in revenue to $562.4 million, compared to the same period of last year. GAAP net earnings per share in the three-month period amounted to $0.21, up by 75% from last year's $0.12 per share.
GAAP net income was up by 67% in comparison to the last year's figures, recording $79.7 million in income. Furthermore, the number of paying users rose by 8% resulting in 17.09 million, as compared to 15.83 million for the same period last year.
"I’m pleased with our team’s execution and performance in Q1, including strong profitability and improved user retention, reflecting our resilience in a challenging macroenvironment. Looking ahead, I’m excited to build on this momentum as we continue to drive value for our customers and shareholders and work towards our vision of building one organized place for content and all the workflows around it," said Dropbox Co-Founder and Chief Executive Officer Drew Houston.
Dropbox stocks grew by 2.56% in the after-hours trading following the release of the earnings report.
