Shira Ovide, Columnist

We've Been Thinking About Dropbox All Wrong

It's a consumer software company with a side hustle.
Photographer: David Paul Morris/Bloomberg
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One thing the public learned from Dropbox Inc.'s initial public offering document: The software company has impressive financials with relatively swift revenue growth and solid cash flow.

But there's also a confusing, potentially less-flattering revelation about Dropbox: We may be thinking about the company all wrong.