Houston said market volatility is often the norm on Dropbox earnings days, and isn't concerned by the one-day drop. The company exited the third quarter with nearly $2 billion in cash.ĭropbox shares fell about 7% on Friday's session as investors took profits on the news. The company reiterated that it sees $1 billion in free cash flow by 2024. Here is how Dropbox performed compared to analyst estimates for the third quarter. Paying users improved to 16.49 million from 15.49 million last year. Annual recurring revenue increased 12% from a year ago to $2.2 billion. Total sales rose 12.9% from a year ago and beat the top-end of management's guidance amid heightened demand for storage and networking services during the pandemic. 'We want to help you get your stuff in and out of the metaverse from your Dropbox into the metaverse and vice versa, so creating that experience where everybody could be in the same virtual room and everybody could be seeing the same content.'ĭropbox didn't need the metaverse to deliver very solid results in the third quarter. So we're certainly integrating with the metaverse,' said Houston. the infrastructure that we've built make that happen. So making what document or presentation you want to give. 'Our strength is in content so helping get your stuff into that virtual world.

What would Dropbox's role be in the metaverse? It is a long journey, but it is exciting.'

So for your digital content, Dropbox could help and that is what we are building towards. 'Where Dropbox fits in if you are working in that kind of environment or in the metaverse, you need stuff. I am really excited about the vision,' said Houston on Yahoo Finance Live.

Bring on the metaverse, says Dropbox founder and CEO Drew Houston.

What are dropbox plans for the future