Dropbox has unveiled its financial results for the third quarter of 2020, revealing total revenue across the three-month period hit $487.4 million, representing 14% year-on-year growth, with the number of paying users reached 15.25 million.
Elsewhere, the company revealed that it holds $1.226 billion in cash and its equivalents – a huge fund that could be put towards new acquisitions.
Last year, the company purchased eSignature start-up HelloSign for $230 million to boost its cloud offering.
Splash the cash
Part of Dropbox’s recent growth is likely due to the ongoing coronavirus pandemic, which has forced many employees to work remotely. Asides from its cloud storage offering, Dropbox also allows individuals to collaborate more easily across documents.
“In Q3, we saw momentum across the business with strong operating income, profitability, and free cash flow,” said Dropbox Co-founder and Chief Executive Officer Drew Houston.
“Our margin expansion demonstrates the strength of our business model and execution against our long-term targets. We believe the opportunity to redesign work has never been bigger, and now, as a Virtual First company, we’ll truly live our mission as we build better products for distributed teams.”