DBX - Why Shares of Dropbox Plunged 23.1% After Earnings
2024-02-16 15:24:09 ET
Shares of cloud storage company Dropbox (NASDAQ: DBX) fell as much as 23.1% on Friday after the company reported earnings results. Shares were hitting their low around 3 p.m. ET. Results weren't all that bad for the fourth quarter, but investors are focused on guidance and analyst reactions today.
Dropbox reported a 6% increase in revenue to $635 million and net income of $227.3 million, or $0.66 per share. Non-GAAP (adjusted) earnings per share were $0.50.
This topped analyst estimates of $632 million in revenue and $0.48 in earnings per share.
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Why Shares of Dropbox Plunged 23.1% After Earnings