The company released its financial results for the first quarter after the market closed. The first quarter ends on March 31. The company’s shares rose after outperforming the top and bottom in the first quarter. Dropbox has added more paid customers to its platform Dbx Stock. With the background of the 19th COVID pandemic, people started working from home. The results of winning dropbox Q1
Dropbox dbx stock at https://www.webull.com/quote/nasdaq-dbx generated sales of $ 455 million, an 18.0% increase from the first quarter of 2019. The company exceeded analyst consensus sales estimates of $ 452.23 million. Dropbox reported an adjusted net profit of $ 69.8 million for the quarter, an increase of 67.4% year on year (year on year). The company reported adjusted earnings per share of $ 0.17 in the first quarter, compared with $ 0.10 in the first quarter of 2019. The profit exceeded analyst consensus estimates of $ 0.14 per share. Dropbox ended the first quarter with 14.6 million paid customers, which is estimated.
This growth is significant compared to the number of customers of $ 13.2 million in the first quarter of 2019. Average consumer income increased from $ 121.04 in the first quarter of 2019 to $ 126.30 in the first quarter. Dropbox expects sales of between $ 463 million and $ 466 million in the second quarter. For fiscal 2020, the company expects sales of between $ 1.88 and $ 1.90 billion.
Analysts expect Dropbox to generate sales of $ 464.36 million in the second quarter. The amount will increase by 15.7% from the previous year from $ 401.50 million in the second quarter of 2019. Analysts also expect the company to book adjusted earnings per share of $ 0.16 versus $ 0 in the second quarter. 10 for the same period last year. Analysts currently forecast sales growth of 14.1% and 11.1% in 2020 and 2021, respectively. Analysts also expect adjusted EPS to be $ 0.73 and $ 0.89 respectively in 2020 and 2021.
What do analysts say about Dropbox shares?
Among analysts, ten recommended “buy”, two “hold” and two “sell”. The average analyst price target is $ 27.36, up 25% from the current level of $ 21.89. The consensus target for shares fell from $ 27.73 in April – a 1.3% decline.
The dbx stock rose 7.6% on Thursday, ending the day at $ 21.89. At this closing price, based on the Dropbox closing price on Thursday, the stock is 10.1% above the 20-day moving average at $ 19.88. Dropbox is trading 16.6% above the $ 18.78 50-day moving average and 18.7% above the $ 18.44 100-day moving average. A relative 14-day stock index of 66 indicates that overbought stock.
The lower, middle and upper Bollinger groups in Dropbox are $ 18.03, $ 19.88, and $ 21.73. The stock closed near the top level for Bollinger Band, which also showed that it was overbought. Dropbox shares rose 4.4% on the market today before 7:29 a.m. ET. S&P 500 futures were up 1.1% while Dow futures were up 1.0%. You can also check appn stock at https://www.webull.com/quote/nasdaq-appn .