Dropbox reported a 0.5% third-quarter revenue increase to $637.3 million and higher non-GAAP per-share income, alongside plans to expand its cloud-storage business into AI infrastructure.
Non-GAAP diluted net income per share was 88 cents, compared with 74 cents in the year-earlier quarter. GAAP diluted earnings per share were 52 cents, up from 47 cents, while GAAP net income declined to $116.1 million.
Revenue growth was 1% excluding FormSwift. Dropbox attributed revenue growth to currency movements and gains from its Simple plan, while reduced FormSwift investment and the service’s shutdown at September’s end weighed on results.
In an Oct. 28 filing, Dropbox said preliminary, unaudited revenue, constant-currency revenue and non-GAAP operating margin were expected to be in line with or above previous guidance ranges. EconoTimes previously covered the planned job cuts and CTO Ali Dasdan’s departure.
Dropbox also launched DBX Agent Cloud on Thursday, Nov. 5, with standalone object storage as its first service for businesses developing AI applications.
Dropbox announced on Nov. 5 that it had agreed on Nov. 3 to acquire Tigris Data Inc., an object-storage platform built for AI. Dropbox expects to pay roughly $350 million in cash, with the final amount subject to customary adjustments; the deal is expected to close in the fourth quarter, subject to customary conditions.
