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Dropbox Hits $1 Billion Revenue Run Rate www.forbes.com
Last year, Dropbox announced it had become cash flow positive. Now it has a new financial milestone.
Cofounder and CEO Drew Houston announced on Monday that Dropbox has passed $1 billion in annual revenue run rate, or revenue over a short time period extrapolated over a full year. Dropbox also claims that it is the fastest software-as-a-service (SAAS) company to reach this goal. Public competitor Box had just over $300 million in revenue its last full annual results.
Houston, a 33-year-old billionaire, also said that Dropbox currently has 500 million users around the world and 200,000 paying business customers. He called their rapid revenue growth the result of an “incredibly powerful model” that combines their original consumer internet strategy with the enterprise solutions business they’ve focused on in recent years.
Over the last couple of years, Dropbox has struggled to justify its $10 billion private valuation. Wall Street values Box, which has a run rate over $400 million, at a $2.25 billion market capitalization. At the same multiples, Dropbox’s newly announced run rate would imply a value for the company around $5-$6 billion.
Published Date:2017-01-31
