Dropbox registers better-than-expected Q4 financial results

Source: Xinhua| 2019-02-22 16:48:26|Editor: Xiaoxia
Video PlayerClose

SAN FRANCISCO, Feb. 21 (Xinhua) -- U.S. cloud storage company Dropbox, Inc. Thursday released better-than-expected financial results for the fourth quarter, with Q4 revenue growing 23 percent year-over-year to hit 375.9 million U.S. dollars.

The San Francisco-based file sharing and cloud storage firm said its total revenue for full fiscal year of 2018 ending on Dec. 31 increased 26 percent year-over-year to reach about 1.392 billion dollars.

Dropbox ended the fiscal year 2018 with 12.7 million paying customers, up from 11 million a year earlier.

The company said the average revenue per paying user was 119.61 dollars for Q4, compared to 113.39 dollars for the same period of last year, and the annual average revenue per paying user went up from 111.91 dollars in 2017 to 117.64 in 2018.

Dropbox earned yearly gross profits of 997 million dollars in 2018, while its quarterly profits stood at 281.5 dollars.

The company reported a fourth quarter net loss of 9.5 million dollars, upped 23 percent from a year earlier, while the net loss for 2018 was 484.9 million dollars, an increase of 26 percent from the prior year.

Dropbox reported non-GAAP net income of 42.3 million dollars for the fourth quarter, compared to 11.2 million dollars in the same period last year.

Free cash flow was 362.4 million dollars for fiscal 2018, compared to 305 million dollars in the previous year, said the company.

"Our healthy top line growth and free cash flow generation reflect our strong business model, and our new product updates and integrations," Dropbox Co-founder and Chief Executive Officer Drew Houston said.

Dropbox has more than 500 million registered users across more than 180 countries and 12 offices around the world.