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Despite its increased importance in the new ‘home office' normal, the document storage and cloud segment has been largely ignored compared to the likes of
Zoom Video (NASDAQ: ZM),
DocuSign (NASDAQ: DOCU) and
Last Thursday,
Dropbox (NASDAQ: DBX) showed how much it benefited from the work-from-home trend as it reported better-than-expected fourth-quarter revenue. Quarterly sales topped $500 million for the first time as revenue improved 13% but Dropbox suffered a $400 million real estate hit as it sought to make remote work more permanent.
Fourth quarter
Revenue of $504.1 billion brought in adj anusted net income of $117.9 million, or 28 cents a share. In the same period a year ago, earnings were 16 cents a share on sales of $446 million.