We recently compiled a list of the 10 Stocks Record Biggest Double-Digit Drop on Friday. In this article, we are going to take a look at where Dropbox, Inc. (NASDAQ:DBX) stands against the other stocks.
The stock market ended the trading week in a bloodbath, with major indices registering losses amid concerns over a slowing economy and sticky inflation.
The Dow Jones fell by 1.69 percent, the S&P declined by 1.71 percent, while the tech-heavy Nasdaq nosedived by 2.20 percent.
Ten stocks mirrored a broader market decline, posting double-digit losses, with sentiment for most of the companies dampened by dismal earnings performance.
To come up with Friday’s biggest losers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
A close-up of a laptop displaying a popular content collaboration platform.
Dropbox, Inc. (NASDAQ:DBX)
Dropbox, Inc. fell for a third consecutive day on Friday, losing 16.15 percent to finish at $26.73 apiece as investors unloaded portfolios following a dismal earnings performance last year.
In a statement, Dropbox, Inc. said net income dropped by 55 percent to $102.8 million in the fourth quarter of the year from $227.3 million in the same period a year earlier while revenues inched up by only 1.3 percent to $643.6 million from $635 million.
Net income for the full year was also flat at $452.3 million from $453.6 million in 2023, while revenues eked out a 1.8-percent gain at $2.548 billion from $2.501 billion.
“Looking ahead to 2025, we’ll continue with our strategy of scaling Dash, simplifying and strengthening our profitable core business, and integrating Dash and FSS to deliver even greater value to our customers. While still early, the positive feedback from our Dash users has been encouraging, validating the need for practical AI-powered tools that solve real customer pain points in finding and securing all their content,” said DBX CEO Drew Houston.
Dash is Dropbox, Inc.’s AI-powered universal search tool which makes it easy for teams to search, organize, share, and protect content from across their connected apps, all in one place.
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This article is originally published at Insider Monkey.