Dropbox Posts First Net Income on Rising Cloud-Software Demand

Dropbox Inc. reported its first-ever net income, in a quarter when demand for cloud software was bolstered by a shift to working from home.

Earnings in the first quarter were $39.3 million, or 9 cents a share, the San Francisco-based company said in a statement on Thursday. Sales rose 18% to $455 million. Analysts on average had projected a net loss of 3 cents and revenue of $452.2 million. Dropbox has exceeded analysts’ estimates for sales and profit every quarter since going public in March 2018, according to data compiled by Bloomberg.