Dropbox’s Remote Work Products Lead to Solid Q3 Cash Flow

Remote work products
Photo by Annie Spratt on Unsplash

Dropbox reported exceptional third quarter financial results owing to its focus on remote work products.

The company’s Q3 non-GAAP diluted net income per share was 37 cents on revenue of $550.2 million.

“Q3 was another solid quarter with record free cash flow, strong revenue growth, and great progress against our strategic objectives as we focus on delivering more value to our customers and shareholders. We shipped several new product experiences to help our customers with today’s challenges of distributed and remote work, and I’m confident in our future as we work toward our vision of building one organized place for content and all the workflows around it.”

Drew Houston, CEO, Dropbox

Dropbox Q3 Highlights

  • Since March 2020, when the pandemic brought remote work-from-home culture in the limelight, the company has been focusing on developing remote work related products.
  • Total annual recurring revenue (ARR) ended at $2.218 billion which is an increase of $52.1 million quarter-over-quarter and an increase of 12% year-over-year. 
  • Paying users ended at 16.49 million while it was 15.25 million for the same period last year.
  • Average revenue per paying user was $133.79, as compared to $128.03 for the same period last year.

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