Dropbox to go public with $500M IPO filing

25 February, 2018, 02:03 | Author: Katrina Soto
  • Dropbox files to go public 10 years after launch

Dropbox, which was founded by MIT students Drew Houston and Arash Ferdowsi, promises to be one of the most prominent technology initial public offerings of the past few years. Reports circulated last month that Dropbox had already filed confidentially, but the paperwork is in and it's shedding some light on the file sharing company's profitability and customer base.

Going public is a huge milestone for Dropbox and has been one of the most anticipated tech IPOs for several years now.

"Life would be a lot better if everyone could access their most important information anytime from any device". That's a sentiment the protagonists of The Emoji Movie - who learn to work together to accomplish their goals and self-actualise while giving back to the community they exist in - could nearly certainly empathise with. That same year, Dropbox lost $111.7 million, a 47% less than the $305.0 million it lost in 2016.

Besides it tech giant challengers, Dropbox also said that smaller companies like work software companies Atlassian and Box are also a threat as well as unnamed private companies.

Meanwhile, Dropbox said it now has 11 million paying users, which is far less than the 500 million registered users who access its services for free. More than 11 million of these users pay for the services.

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The documents revealed earnings figures for Dropbox, showing it had generated $1.1bn in revenue in 2017, up 30pc on 2016, helping its net losses to narrow to $112m from $210m. Dropbox said that no one country other than the USA accounts for over 10% of its overall sales.

About $576 million of Dropbox's 2017 revenue came from the USA, with $531 million coming from other countries. That's a statistic that the company acknowledges it needs to improve.

Meg Whitman, the former CEO of Hewlett Packard Enterprise Co. who joined Dropbox's board in September, received stock worth $908,800.

While Dropbox still loses money, those deficits are narrowing. Still, the company details some of its financial ties to HPE in the filing that haven't been previously disclosed and were likely related to Dropbox's migration from AWS, which HPE helped out with. This compares to $845 million in revenue the year before and $604 million for 2015.



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