Dropbox Needs Stronger SMB And User Growth Signals, Analysts Say
Dropbox Needs Stronger SMB And User Growth Signals, Analysts Say
Dropbox Inc (NASDAQ:DBX) stock is trading higher after the company reported better-than-expected second-quarter financial results Thursday.
Dropbox Inc（纳斯达克：DBX）股票的价格在周四宣布超预期第二季度财务业绩后上涨。
The results came during an exciting earnings season. Here are key analyst takeaways.
这些业绩报告发布在一个令人兴奋的收益季节。以下是分析师的关键观点。
Goldman Sachs Kash Rangan reiterated a Sell rating while lowering his price target to $20 from $22.
高盛的Kash Rangan重申了卖出评级，并将目标价从22美元降至20美元。
RBC Capital Markets analyst Rishi Jaluria maintained an Outperform rating with a price target of $32.
RBC资本市场分析师Rishi Jaluria保持跑赢大盘评级，价格目标为32美元。
Goldman Sachs: Dropbox gained after marginally beating the consensus in ARPU, paying users, revenue, and adjusted operating margins, Rangan noted. The company slightly raised fiscal 2024 guidance and raised operating margin guidance.
高盛：Rangan认为，Dropbox在平均每用户收入（ARPU），用户数，营业收入和调整后的营业利润率等方面略微超过寻常，因此股票有所上涨。公司略微提高了2024财年指导，并提高了营业利润率指导。
While the setup into the print provided Dropbox with some support, the analyst noted macro and idiosyncratic headwinds that left him cautious in underwriting further growth.
虽然发布前的市场形势为Dropbox提供了一定的支撑，但分析师指出宏观和个体化的阻力令他在承保进一步增长时保持谨慎。
Rangan flagged paying user pressure, down selling after layoffs, and signs of weakness after security incidents, reflected in Dropbox's updated fiscal 2024 revenue guidance.
Rangan指出，付费用户的压力，遣散后的降级问题以及安全事件后的疲软迹象在Dropbox更新的2024财年营收指导中得到了反映。
Persistent SMB choppiness, which Dropbox is particularly inclined towards, left the analyst doubting.
持续的SMb波动让Dropbox都感到怀疑。
While second-quarter paying users and ARPU exceeded expectations, the guidance for flat user growth suggests that the steady yield from Dropbox's GTM and platform initiatives may take time to permeate, Rangan said.
尽管第二季度的付费用户和ARPU超过了预期，但用户增长保持平缓的指引表明，来自Dropbox的GTm和平台倡议的稳定收益可能需要时间才能普及，Rangan表示。
The analyst proposed to wait for improving SMB signals, user growth, ARPU upside, and greater certainty around timing and potential uplift from Dash to gain conviction in the stock.
分析师建议等待信号改善，用户增长，ARPU上涨，以及有关Dash启动的时间和潜在收益方面的更大确定性，以对该股票产生信心。
Rangan expects third-quarter revenue of $638.3 million and EPS of $0.51.
Rangan预计第三季度营收为63830万美元，每股收益为0.51美元。
RBC Capital Markets: Dropbox reported a decent quarter, leading shares up 5% after-hours, Jaluria noted.
RBC资本市场：Jaluria指出，Dropbox报告了一个不错的季度，导致股价在盘后上涨5%。
Profitability was the highlight, with adjusted operating margins of 35.9% (~290 bps ahead of guidance) and up 170 bps YoY.
利润率是亮点，调整后的营业利润率为35.9%（比指导高出约290个基点），同比上升了170个基点。
The analyst added that the second-quarter revenue and ARR beats were decent, while billings were slightly light.
该分析师补充说，第二季度的营收和ARR表现不错，而开票额则略微不足。
On the call, Jaluria will seek an update on new business trends, the traction of Dash and bundling, and assumptions for second-half guidance.
在电话会议上，Jaluria将寻求有关新业务趋势，Dash和捆绑销售的进展以及下半年指导的假设的更新。
Price Action: DBX stock traded higher by 2.35% at $22.28 at the last check on Friday.
股票DBX在上周五最后一次交易时以22.28美元的价格上涨了2.35%。
Image via Shutterstock
图片来自shutterstock。