Business

Monday 16 December 2019

Dropbox losses narrow as revenues leap to $627m

Dropbox has 600 million users
Dropbox has 600 million users

Gordon Deegan

Pre-tax losses at the Irish arm of file-hosting service Dropbox last year narrowed sharply to $4.9m (€4.4m) after a surge in revenues.

New accounts show revenues at the Dublin-based Dropbox International Unlimited last year increased by 31pc from $478.45m to $627.5m.

The $627.5m in revenues at the Dublin unit account for 45pc of Dropbox's global revenues of $1.39bn last year. The Irish company last year reduced its pre-tax losses by 89pc from $44.8m to $4.9m.

The San Francisco-headquartered company set up an International Operation Centre in Dublin in 2012 in what was the company's first move outside the US.

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The same year, Bono and The Edge were announced as individual investors by Dropbox.

Today, Dropbox has 600 million users.

Numbers employed at the Dublin base increased by 40pc from 101 to 142. Staff costs totalled $33m, which included share-based payment expenses of $12.4m.

Irish Independent

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