Dropbox Inc. booked $631.3 million in revenue during the opening quarter of fiscal 2024, rising by 3.3% compared to the prior-year trimester, the company announced on Thursday.
Net income skyrocketed by 91% to $132.3 million during the reported quarter, while its diluted earnings per share surged 95% year-over-year to $0.39 apiece. The number of paying users stood at 18.16 million compared to 17.90 million for the same period in 2023. The average revenue per paying user was $139.59, up from $138.97 in Q1 last year.
"Looking ahead, we'll stay disciplined in our operations, while investing in growth initiatives focused on building AI-powered product experiences to improve distributed work for our customers," Chief Executive Officer Drew Houston said.
Dropbox shares saw a 7.04% jump during the after-hours trading.
