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DROPBOX Q4 REVENUE BEATS ESTIMATES, STOCK SPIKES - Capital Street FX

21-Feb
20:07 IST

Dropbox Inc. is currently trading at 23.14-higher by 23.64% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 16.38%. The stock has continued gaining after the opening bell.

Dropbox shares rose after the tech company reported better-than-expected fourth-quarter earnings after the market close on Thursday. The company generated EPS (excluding certain items) of 16 cents for the fourth quarter. The EPS was above the market expectation of 14 cents. The company brought in $446 million in revenue for the fourth quarter. The revenue was above the consensus estimates of $443 million.

The company expects $452 million to $454 million in revenue for the first quarter. The middle ($453 million) of the range is above the median forecast of $448.4 million. For the full year, the tech company forecasts $1.89 billion to $1.905 billion in revenue. The middle of the range, $1.898 billion, is, however, below the market expectation of $1.90 billion. The tech company expects to generate over $1 billion in free cash flow by 2024. Stocks of Dropbox have rallied about 4% since the beginning of this year.

On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 84.91% and suggests that the market can move in the upward direction.

 

TRADE SUGGESTION- LIMIT BUY AT 23.00 TAKE PROFIT AT 23.30 STOP LOSS AT 22.85

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