Dropbox co-founder/CEO Drew Houston

image credit : Flickr via CC License

File storage company Dropbox beat analyst expectations with the company having Q1 revenues of $316.3 million as opposed to a figure of $309.2 million expected from various analysts.

The company now has 11.5 million paying subscribers which is 2.2 million more than what was recorded the previous year.

The company also expects over a whooping $1.3 Billion in revenue for this year and over $328 million in revenue for the second quarter.

This revenue was 28% more than that recorded the previous year.

Dropbox has a huge number of enterprise customers and good features which enable the company to store files in the best way thereby delivering the best type of service to customers and individual users alike.

Despite this revenue beat, The company’ stock didn’t jump as expected but fell 5% probably due to its GAAP gross margin of 61.9% as opposed to the previous year’s 62.3% but Dropbox CEO Drew Houston cleared the air with his statement saying “We had a really strong first quarter as a public company,”.

Dropbox was co-founded by Drew Houston and Arash Ferdowsi who have both hit billionaire ranks after the company’s IPO with Drew Houston hitting that status way before the IPO, The company is currently valued at over $12 Billion dollars on the Nasdaq stock exchange.

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