Specifically, Dropbox’s desktop app shows recent activity and lets users quickly access files while enabling members of their team to comment on files. Plus, both mega-cap firms offer better work-collaboration tools than Dropbox. For example, Alphabet’s (NASDAQ: GOOG) Google Drive and Microsoft (NASDAQ: MSFT) OneDrive look the same as Dropbox’s storage solution. Investors might be worrying that competing offerings will badly hurt Dropbox in the future. Despite the strong results, many investors sold Dropbox stock. Its paying user base increased from 13.6 million in Q2 of 2019 to 15 million last quarter. It posted earnings per share of 22 cents, exceeding analysts’ average estimate.įurther, Dropbox’s margins expanded YOY in Q2, while its annual recurring revenue rose 17% YOY to $1.931 billion. The company’s revenue climbed 16.4% year-over-year to $467.4 million. After the Q2 earnings report, investors sold off the shares, as you can see from the chart from Stock Rover below. Besides a rebound by technology stocks, what will it take for Dropbox to end its downturn which started in June? Dropbox Stock Falls After Hitting Multiple Topsĭropbox tried, but failed, to break out above the $23.00-$24.00 level earlier this year.
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