The stock of Dropbox Inc (DBX) closed the recent trading session at $23.58, losing 5.3% from the previous trading session. DBX stock further declined in the after-market, losing 5.43%. The decline in the stock of Dropbox came after the announcement of quarterly results for the fiscal year 2021. The company also filed forms 8-K and 4 with the SEC. These forms refer to the reporting of quarterly results and changes in the beneficial ownership of securities, respectively.
DBX Financials
On February 17, 2022, Dropbox reported the financial results for the fourth quarter of the fiscal year 2021, which ended on December 31, 2021. DBX announced the revenue of the company to be $565.5 million in Q4 of FY21 versus $504.1 million in the same quarter of FY20. This marks an increase of 12.1% in revenue. Gross profit was $449.7 million in Q4 of FY21 as compared to $398.3 million in Q4 of FY20. The gross profit increased by 12.9%. Net income was $124.6 million in Q4 of FY21 versus a net loss of $345.8 million in the year-ago quarter. Diluted earnings per share for Q4 of the fiscal year 2021 was $0.32 as compared to the loss per share of $0.84 in the same quarter last year.
Moreover, On February 11, 2022, DBX repurchased $1.2 billion of its common shares. The repurchase was authorized by the Board of Directors.
CEO Remarks
The CEO of Dropbox Inc (DBX), Drew Houston, said that the financial year of 2021 was a solid year for the company. He further said that he is proud of the work that their team has done during the first year as a Virtual First Company.
Finally, Mr. Houston concluded that DBX is looking forward to 2022. They are invigorated regarding the opportunity they have to assist their clients and convey growth to their investors.
About Dropbox
Dropbox (DBX) is a document facilitating company that offers distributed cloud storage, record synchronization, individual cloud, and client programming. DBX has its headquarter in San Francisco, California, United States of America (USA).
