Dropbox, Inc. (NASDAQ: DBX) saw its share prices balloon Friday, as the company reported stronger-than-expected results for its fourth quarter and disclosed a $600-million buyback program.
The San Francisco-based Dropbox, which purports to be the world's first smart workspace, today announced total revenue was $446.0 million, an increase of 19% from the same period last year. On a constant currency basis, year-over-year growth would have been 20%.
Annual recurring revenue ended at $1.820 billion, an increase of 19% from the end of the prior year. GAAP gross margin was 76.5%, as compared to 74.9% in the same period last year.
Non-GAAP gross margin was 77.6%, as compared to 75.7% in the same period last year. GAAP net loss was ($6.6) million, as compared to ($9.5) million in the same period last year. Non-GAAP net income was $67.4 million, as compared to $42.3 million in the same period last year.
Said CEO Drew Houston, "Our strong Q4 marked the end of an exciting year for Dropbox as we launched our vision for the smart workspace.
"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."
Cash, cash equivalents and short-term investments were $1.159 billion at the end of the fourth quarter of 2019, as compared to $1.089 billion at the end of the fourth quarter of last year.
Shares jumped $4.42, or 23.6%, to begin Friday at $23.14
