Dropbox Inc. DBX, reported adjusted earnings and revenue that beat Wall Street expectations late Thursday.
Dropbox shares fell more than 2% in after-hours trading. The software company reported fourth-quarter net losses of $9.5 million, or 2 cents a share, compared with losses of $37 million, or 19 cents a share, in the year-ago period. Adjusted for stock-based compensation, earnings were 10 cents a share, up from 3 cents a share in the year-ago period. Revenue rose 23% to $375.9 million. Analysts surveyed by FactSet had estimated adjusted earnings of 8 cents a share on sales of $370 million. For the first quarter, analysts model adjusted earnings of 10 cents a share on sales of $378 million. Dropbox will issue guidance on its conference call which begins at 5 p.m. Eastern time. Dropbox stock has fallen 9.8% in the past six months, with the S&P 500 index SPX, -0.35%falling 2.7%.