May 10, 2018 / 8:27 PM / 11 days ago

UPDATE 1-Dropbox tops paying subscriber estimates in first results since IPO

(Adds more estimates, share movement)

May 10 (Reuters) - File hosting service provider Dropbox Inc topped analysts’ estimates for paying subscribers in its first financial report as a publicly traded company.

The company also beat revenue and profit estimates as it earned more per user.

Shares of the company were marginally up in extended trading on Thursday. They have gained about 12 percent since a blockbuster market debut on March 23, when shares ended up more than 35 percent.

Dropbox said it had 11.5 million paying subscribers at the end of March, up 23.7 percent from the year-ago quarter. That compared with analysts’ average estimate of 11.3 million, according to Thomson Reuters I/B/E/S.

The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with Alphabet Inc’s Google, Microsoft Corp and Amazon.com Inc as well as Box Inc.

Dropbox reported average revenue per user of $114.3, beating estimates of $110.

The company’s quarterly loss widened to $465.5 million, largely due to IPO-related expenses.

On an adjusted basis, the company earned 8 cents per share, beating estimates of 5 cents.

Total revenue rose 28 percent to $316.3 million, above estimates of $309.2 million.

Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila

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