File sharing and storage company Dropbox Inc (DBX.O) topped Wall Street expectations for quarterly results and topped estimates for paying subscribers in its first financial report as a publicly traded company.
However, the company’s shares, which had gained 10 percent last week ahead of the earnings, slipped 4 percent in extended trading on Thursday.
The San Francisco-based company said the number of paying subscribers surged 23.7 percent to 11.5 million at the end of March, topping analysts’ average estimate of 11.3 million, according to Thomson Reuters I/B/E/S.
The company, which started as a free service to share and store photos, music and other large files, has worked to build up its enterprise software offering.
Dropbox reported average revenue per user (ARPU) of $114.3 in the first quarter, beating analysts’ estimate of $110.
“(ARPU growth) does suggest Dropbox is having success converting individual paid users to business paid users,” D.A. Davidson analyst Rishi Jaluria said.
The company, which competes with Alphabet Inc’s (GOOGL.O) Google, Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) as well as Box Inc (BOX.N), forecast current-quarter revenue in the range of $328 million and $331 million.
“Today’s earnings also bode well for existing investors that are still in their lock up period,” said Minal Hasan, investor at K2 Global, a Silicon Valley-based venture capital firm that invests in startup companies.
Dropbox’s quarterly loss widened to $465.5 million, as the company accounted for IPO-related expenses.
The company had a blockbuster debut on March 23 as investors bought into the biggest technology initial public offering in more than a year, with shares closing up more than 35 percent in their first day of trading.
On an adjusted basis, the company earned 8 cents per share, beating estimates of 5 cents, Reuters reports.
Total revenue rose 28 percent to $316.3 million, above estimates of $309.2 million.
Patience Jonathan’s Associate, Asks Court to Repeal Order for forfeiture of $8.4m, N9.2bn
An associate of the erstwhile First lady, Patience Jonathan, Esther Oba, has asked a Federal High Court sitting in Lagos, to set aside an earlier order of interim forfeiture of the sum of $8.435,789.84 million and N9.185, 327, 362 billion allegedly linked to the former first lady.
The trial judge, Justice Cecilia Mojisola Olatoregun, had on April 19, 2018 granted order of interim forfeiture of the monies following an exparte application by the Economic and Financial Crimes Commission, EFCC, against Mrs. Jonathan, Esther Oba and some companies.
Companies joined in the suit are Globus Integrated Service Limited, Finchley Top Homes Limited, AM-PM Global Network Limited, Pagmat Oil and Gas Limited, and Magel Resort Limited.
The monies were alleged to be warehoused in some banks, which include: Skye Bank Plc, Diamond Bank Plc, and Stabic-IBTC and First Bank Plc.,
After granting the order, Justice Olatoregun ordered EFCC to publish the order of interim forfeiture in a national newspaper, so that whosoever has interest in the money should approach the court within 14 days, to show cause why the monies will not be permanently forfeited to the Federal Government.
At the resumed hearing in the matter, yesterday, Esther Oba, who was alleged to be instrumental to lodging the monies into the designated bank accounts, allegedly linked to Patience. Jonathan, in a motion on notice by her lawyer, Ige Asemudara, asked the court to set aside the interim order forfeiture of the money.
She also urged the court to strike down the entire provisions of Section 17 of the Advance Fee Fraud and Other related offences Act 2006, for being inconsistent with Section 1, 36 (5), and 44 of the 1999 Constitution of Federal Republic of Nigeria (as amended).
In praying the court for the aforementioned orders, Oba, stated that the order was obtained by the EFCC by concealing material facts or misrepresenting facts, and that the order made by the court without requisite jurisdiction and in breach of fair hearing provision of the constitution, the Evidence Act, and other statues.
Oba, is further contending that there was no reasonable cause of action against her, and that the exparte motion was brought in bad faith, adding that the suit constitutes an abuse of court process.
However, counsel to defendants, namely; Ifedayo Adedipe and Mike Ozekhome both Senior Advocates of Nigeria, SANs, told the court that they were still filing their processes against the interim order of forfeiture.
While on his part, EFCC lawyer, Rotimi Oyedepo, told the court that he was just served with Oba’s motion and that he will need time to respond.
After hearing from counsel to parties, Justice Mojisola Olatoregun, admonished them to file all applications and front-loads all documents they needed and serve same on the parties before the next adjournment.
She consequently adjourned the matter till June 18, for hearing of preliminary objections and motion to discharge the interim order of forfeiture.
