Dropbox’s efforts to attract companies to its higher-end paid services appear to be paying off. The file-sharing company reported a net loss of $7.7 million during its fiscal first quarter, compared to a net loss of $465.5 million during last year’s fiscal first quarter—its first as a publicly traded company. Dropbox says it now has 13.2 million paying users generating an average of $121.04 per person, up from 11.5 million users and $114.30 per person at this time last year.
Dropbox reported revenue of $385.6 million during the quarter, up 22% from last year’s first quarter, along with earnings of 10 cents per share. Both numbers exceeded analysts’ forecasts. Dropbox shares rose nearly 5% in after-hours trading in the wake of the earnings report, but are still down 22% over the past 12 months.