Dropbox Q2 Net Income Surges

(RTTNews) - Dropbox, Inc. (DBX), a US-based a cloud-based software company, Thursday reported its financial results for the second quarter of fiscal 2024, ended June 30, 2024.

The company reported net income of $110.5 million, or $0.34 per share in the second quarter, a significant increase from $43.2 million or $0.13 per share in same period last year.

Dropbox's net income rose mainly due to cost savings from last year's workforce reduction not recurring, reduced depreciation from extending asset life, improved margins, and modest revenue growth.

DBX reported adjusted net income of $194.1 million or $0.60 per share in the three month period, an increase from $174.0 million or $0.51 per share.

The company reported net sales of $634.5 million, an increase from $622.5 million in the same period last year.

Thursday, DBX closed at $26.20, down 1.17%, and is trading after hours at $26.30, up 0.38% on the NasdaqGS.