DBX - Why Dropbox Dropped 19.3% in November
Shares of Dropbox (NASDAQ: DBX) dropped 19.3% in November, according to data from S&P Global Market Intelligence . The company, which offers cloud storage, file sharing, and digital collaboration tools, reported its third-quarter results at the beginning of the month. Investor reaction to the report is probably what caused Dropbox stock to sell off during the period.
On Nov. 4, Dropbox reported its quarterly results for the three months ending in September. The company beat on the top and bottom line for the quarter, bringing in revenue of $550 million compared with the analyst estimate of $544.72 million. Free cash flow also looked strong, at $221 million, showing the strong unit economics of the cloud storage platform. Many Wall Street analysts upgraded their price targets on Dropbox stock after the results came out.
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Why Dropbox Dropped 19.3% in November