November 7, 2019 / 9:05 PM / 6 days ago

Dropbox revenue beats on higher subscriber additions

Nov 7 (Reuters) - Dropbox Inc beat analysts’ estimates for third-quarter revenue on Thursday, as the online file hosting company added more individual and business customers.

The company’s revenue rose 19% to $428.20 million in the third quarter, beating analysts’ estimates of $423.48 million, according to IBES data from Refinitiv.

This was the seventh straight quarter of sales beat since the company went public in March 2018.

Average revenue per user rose to $123.15, beating Refinitiv estimates of $122.82.

Dropbox had 14 million subscribers at the end of the quarter, up from 12.3 million a year earlier and ahead of estimates of 13.89 million, according to FactSet.

However, net loss widened to $17 million, or 4 cents per share, in the three months ended Sept. 30, from $5.8 million, or 1 cent per share, a year earlier.

Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila

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