Shares in Dropbox soar into the clouds

Dropbox Hasn't Built a Moat

Dropbox Hasn't Built a Moat

Dropbox shares surged in a strong market debut on Friday after the cloud storage provider priced its much-anticipated initial public offering above expectations. It had climbed as high as $31.60 during the day. That appeared to drag down the industry altogether, with Google and Apple having fallen about 7 percent this month. Dropbox shares are set to start trading on Friday at the Nasdaq under the symbol "DBX".

Dropbox sold 36 million shares in its offering, raising $756 million. However, as a public company Dropbox will be under pressure to quickly trim its losses.

Houston, 35, already a billionaire ahead of the initial public offering, saw his fortune swell US$760 million to $2.6 billion as Dropbox shares advanced 43 per cent to US$30 at 12:58 p.m.in NY, and earlier climbed as high as US$31.60.

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Palestinians have embraced her as a symbol of a new generation fighting Israel. Tamimi's family have a long history of struggles with Israeli forces.

At an unpredictable time for tech companies and social media giants, California-based tech unicorn Dropbox looks to be entering a higher gear, following a better-than-expected IPO posting.

The IPO is yet another gauge of the ability of unicorns - tech startups valued at $1 billion or more - to thrive on the public market.

Dropbox went public with multiple share classes, which gave more voting rights and control to executives. It earned $1.11 billion in revenue last year, up 32% from the year before. But for the moment, at least, Dropbox is off to a very respectable start, and has investors talking positively about tech IPOs again.

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Dropbox has not yet tallied an annual profit, but it did cut losses to $112 million in 2017 from $326 million the year before, while notching 30 percent-plus sales growth, according to the New York Times.

The company's main shareholders are venture-capital firm Sequoia Capital and its co-founder and CEO, Drew Houston.

Dropbox posted a revenue of $1.11bn in 2017, up 31% year-on-year, as it almost halved its full-year net losses from the $210.2m it returned in 2016.

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This post originally appeared on Business Insider.

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