November 8, 2018 / 9:08 PM / 9 days ago

Dropbox tops quarterly revenue estimates

Nov 8 (Reuters) - File sharing and storage company Dropbox Inc on Thursday topped Wall Street targets for quarterly revenue, benefiting from an expanded customer base and higher revenue per user.

The company said it had 12.3 million paying subscribers by the end of the third quarter, up 18 percent from a year earlier. Analysts on average had expected 12.2 million subscriptions, according to FactSet.

Dropbox reported average revenue per user of $118.6, beating estimates of $116.97.

The company, posting its third financial report as a publicly traded company, said loss narrowed to $5.8 million, or 1 cent per share, in the quarter ended Sept. 30.

Total revenue rose 26 percent to $360.3 million, above estimates of $352.7 million, according to IBES data from Refinitiv. (Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel)

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