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Why Dropbox Stock Skyrocketed Today

TheMotleyFool

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Why Dropbox Stock Skyrocketed TodayPhoto, wide shot, wide-angle lens, Semiconductor company, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/92ce44e9-64c7-4458-9a95-b706ed510490.png

Shares of Dropbox (NASDAQ: DBX) have skyrocketed today, up by 21% as of 12:45 p.m. EST, after the company reported fourth-quarter earnings. The results beat expectations and the cloud storage pioneer announced a share repurchase plan.

Revenue in the fourth quarter rose 19% to $446 million, topping the $443.4 million in sales that Wall Street was expecting. Adjusted net income came in at $0.16 per share, ahead of the $0.14 per share in adjusted profits that analysts were modeling for. Dropbox ended the year with annual recurring revenue of $1.8 billion. Paying users grew to 14.3 million, with average revenue per paying user of $125.

Image source: Dropbox.

Source Fool.com

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