Dropbox Inc. DBX, +8.46% shares were initially up 8% in after-hours trading Thursday before dropping into negative territory after the maker of document-management software reported fiscal third-quarter results that topped Wall Street estimates. Dropbox reported net income of $32.7 million, or 26 cents a share, compared with a loss of $17 million, or 13 cents a share, in the year-ago quarter.
Revenue improved 14% to $487.4 million from $428.2 million a year ago. Analysts surveyed by FactSet had expected net income of 18 cents a share on revenue of $484 million. Dropbox shares are up 12% this year. The broader S&P 500 index SPX, +1.94% has climbed 9% in 2020.