Dropbox Reports Q4 Earnings Beat, Announces $600M Buyback

Dropbox DBX reported fourth-quarter earnings of 16 cents per share on Thursday, which beat the analyst consensus estimate of 14 cents by 14.29%. This is a 60% increase over earnings of 10 cents per share from the same period last year.

The company reported quarterly sales of $446 million, which beat the analyst consensus estimate of $443.41 million by 0.58%. This is a 18.65% increase over sales of $375.9 million the same period last year.

Dropbox also announced a $600 million buyback.

See Also: Analysts Still Like Dropbox After Showing No Signs Of Deceleration

"Our strong Q4 marked the end of an exciting year for Dropbox as we launched our vision for the smart workspace," Dropbox CEO Drew Houston said in a statement. "We closed the year with more than $1.6 billion in revenue, over 450,000 Dropbox business teams, and millions of people using our new foreground app that keeps Dropbox at the center of our users' workflows. Moving into 2020, I'm confident in the team we have on board and the opportunity ahead."

Dropbox shares were trading up 10% at $20.76. The stock has a 52-week high of $26.49 and a 52-week low of $16.08.