It also announced the departure of Olivia Nottebohm as COO effective Feb. The company believes that it requires fewer resources to support its in-office environment. 13, Dropbox announced its decision to cut down its workforce by about 11%. The 3Q adjusted EPS doubled to $0.26 compared to the same period last year as the company’s adjusted operating margin expanded.Ĭoming now to long-term goals, Dropbox targets an operating margin of 28%-30% and an annual free cash flow of $1 billion in 2024.
The 3Q top-line gained from a 9% increase in paying users, a rise in the price of the Plus plan, and a favorable mix of sales from higher-priced subscription plans.įurthermore, ARR (annual recurring revenue) rose 12% to $1.98 billion.
The company’s 3Q results beat analysts’ expectations, with revenue growing 13.8% year-over-year to $487.4 million (though the growth rate decelerated compared to 16.4% in 2Q). As of the end of 3Q 2020, Dropbox had about 15.3 million paying users. It boasts over 600 million registered users – including users of the company’s free plan – across 180 countries. Using TipRanks Stock Comparison tool, we will find out how Dropbox and Box have fared recently amid the rising demand for cloud services to select the stock offering a more compelling investment opportunity.ĭropbox, which calls itself “the world’s first smart workspace”, is one of the leading players in the cloud storage and content management space. The research firm expects the proportion of enterprise IT spending on cloud computing to continue to increase and account for 14.2% of the overall global IT spending in 2024, compared to 9.1% in 2020.
Gartner estimates that global end-user spending on public cloud services will grow 18.4% to $304.9 billion this year.
The coronavirus pandemic accelerated the transition to the cloud as enterprises across the world adopted remote working trends.
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