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Dropbox was profitable for the first time since going public



“Our customers are contacting Dropbox for help with this transition to remote work,” CEO Drew Houston said in an interview with Bloomberg. “We have certainly seen record test volumes, we have seen an increase in direct purchases, we have seen an increase in engagement.”

While companies like Airbnb, Lyft, and Uber lay off thousands, Dropbox has slowed its hiring rate, but still occupies certain roles.

“We are aware of the macroeconomic environment and the unpredictability that the second half of the year can bring,”

; said Houston.

When Dropbox went public in 2018, it was valued at $ 10 billion, but had a deficit of $ 1 billion. According to BloombergSince the IPO, Dropbox has exceeded analysts’ sales and earnings estimates quarterly. Even without the drastic shift to remote working due to the pandemic, Dropbox was moving in the right direction.

The company now has 14.6 million paying users. This is an increase of 13.2 million in the previous year and 11 million in March 2018.


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