Dropbox, Inc. (DBX – Free Report) released its first quarterly financial results, posting earnings of $0.08 per share and revenues of $316.3 million.

Currently, Dropbox is a Zacks Rank 3 (Hold), but that could change based on today's results. Shares of the company have gained about 2.3% since its IPO, including a 1.9% gain during regular trading hours today.

The stock is currently up 0.1% to $32.05 per share in after-hours trading shortly after its earnings report was released.

Dropbox:

Beat earnings estimates. The company posted earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.04 per share. Investors should note that this consensus projection has remained neutral over the duration of the quarter.

Beat revenue estimates. The company saw revenue figures of $316.2 million, beating our consensus estimate of $308.7 million.

Dropbox accredited its strong revenue performance in its first quarter as a public company to an increase in premium plan uptake, marking a 28% revenue increase year over year.

The company saw increases both in the number of paying users (9.3 million to 11.5 million), and the average revenue per paying user ($110.79 to $114.30).

“We continued to add value to our platform with new product features, and enhanced our ecosystem through partnerships with Salesforce and Google. Our team is focused on building a great business for the long-term, and we're excited for the opportunities ahead of us.”

Here's a graph that looks at Dropbox's recent performance:

DROPBOX INC-A Price and Consensus

DROPBOX INC-A Price and Consensus | DROPBOX INC-A Quote

Dropbox, Inc. is a service company that offers a platform which enables users to store and shares files, photos, videos, songs, and spreadsheets.