Dropbox reported $316 million in quarterly revenue, while analysts expected $308.7 million. The company also reported $0.08 in earnings per share, while analysts expected $0.05.
Dropbox beat Wall Street's Q1 targets and gave a better-than-expected business forecast on Thursday in its first quarterly report card as a public company. But with investors having already bid up the stock sharply in the first few weeks since its IPO, shares of Dropbox slipped slightly after the "beat-and-raise" report.
The cloud storage company's revenue increased 28% in the first three months of the year, above the 24.5% clip expected by Wall Street.
And Dropbox said revenue in the second quarter would range between $328 million and $331 million, topping the $325.6 million expected by analysts.
Shares of Dropbox, which are up roughly 50% since the company's March IPO, fell 4% in after hours trading on Thursday following the report.
Here's what Dropbox reported:
"Some of the good news is that we have been cash flow positive for a long time. We didn't need to go public to raise money; we think it's a good thing to have a healthy balance sheet but we can be opportunistic," CEO Drew Houston said on the conference call.
Analysts also kept their eyes peeled for Dropbox's paid user growth, average revenue per user, non-GAAP gross margin and free cash flow.
Dropbox, now valued at $12.5 billion on the public markets, began trading on the Nasdaq at the end of March in what was widely considered a successful IPO.