Dropbox files to go public with over $1.1 billion in annual revenue

Dropbox files to go public with over $1.1 billion in annual revenue

Data-sharing business Dropbox Inc on Friday filed for an initial public offering of up to $500 million with the U.S. Securities and Exchange Commission.

Dropbox will list on the Nasdaq under the ticker "DBX". This compares to $845 million in revenue the year before and $604 million for 2015.

Dropbox, one of technology's "unicorns", has filed for an initial public offering.

According to the public filing, Dropbox revenue in 2017 rose 31% to $1.1 billion and its net loss of $111.7 million shrank from 2016 when it recorded a net loss of $210.1 million.

The company saw losses of $111.7 million past year - an improvement from a loss of $210.2 million it showed in 2016, and of $325.9 million in 2015.

Michael Porter Jr. Cleared by Doctor to Return to Basketball
Missouri's top recruit suffered a back injury in the first game of the season and has not played since. The 6-foot-10 forward checked out of Missouri's season opener against Iowa State with an injury.

The companies that have cut ties with the NRA basically overnight
Rubio also told the audience he was reconsidering his past opposition to limiting the size of large gun magazines. Trump received millions of dollars in support from the organization during the 2016 presidential election.

Icy Friday am commute on tap; rain likely this weekend
Saturday: Freezing rain likely before 8am, then rain likely between 8am and noon, then a chance of drizzle after noon. Highs are in the upper 40s and low 50s today and it will cloudy with drizzle and light showers.

Meanwhile, Dropbox said it now has 11 million paying users, which is far less than the 500 million registered users who access its services for free.

The San Francisco-based Dropbox has been expected to go public since news reports surfaced previous year that it had retained Goldman Sachs and JPMorgan Chase to work on the offering, which the S-1 form appears to confirm. The company's last private valuation put it at $10 billion.

In recent years, however, the service has faced more competition from the likes of Google, Microsoft and Apple.

The amount of money a company says it plans to raise in its first IPO filing is usually a placeholder.

The documents showed that CEO and co-founder Drew Houston has 24.4 percent of voting power in the company, and Sequoia Capital has 24.8 percent.

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