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（納斯達克：DBX）股票的價格在週四宣佈超預期第二季度財務業績後上漲。
The results came during an exciting earnings season. Here are key analyst takeaways.
這些業績報告發布在一個令人興奮的收益季節。以下是分析師的關鍵觀點。
Goldman Sachs Kash Rangan reiterated a Sell rating while lowering his price target to $20 from $22.
高盛的Kash Rangan重申了賣出評級，並將目標價從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資本市場分析師Rishi Jaluria保持跑贏大盤評級，價格目標爲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認爲，Dropbox在平均每用戶收入（ARPU），用戶數，營業收入和調整後的營業利潤率等方面略微超過尋常，因此股票有所上漲。公司略微提高了2024財年指導，並提高了營業利潤率指導。
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.
雖然發佈前的市場形勢爲Dropbox提供了一定的支撐，但分析師指出宏觀和個體化的阻力令他在承保進一步增長時保持謹慎。
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，付費用戶的壓力，遣散後的降級問題以及安全事件後的疲軟跡象在Dropbox更新的2024財年營收指導中得到了反映。
Persistent SMB choppiness, which Dropbox is particularly inclined towards, left the analyst doubting.
持續的SMb波動讓Dropbox都感到懷疑。
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.
儘管第二季度的付費用戶和ARPU超過了預期，但用戶增長保持平緩的指引表明，來自Dropbox的GTm和平台倡議的穩定收益可能需要時間才能普及，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.
分析師建議等待信號改善，用戶增長，ARPU上漲，以及有關Dash啓動的時間和潛在收益方面的更大確定性，以對該股票產生信心。
Rangan expects third-quarter revenue of $638.3 million and EPS of $0.51.
Rangan預計第三季度營收爲63830萬美元，每股收益爲0.51美元。
RBC Capital Markets: Dropbox reported a decent quarter, leading shares up 5% after-hours, Jaluria noted.
RBC資本市場：Jaluria指出，Dropbox報告了一個不錯的季度，導致股價在盤後上漲5%。
Profitability was the highlight, with adjusted operating margins of 35.9% (~290 bps ahead of guidance) and up 170 bps YoY.
利潤率是亮點，調整後的營業利潤率爲35.9%（比指導高出約290個點子），同比上升了170個點子。
The analyst added that the second-quarter revenue and ARR beats were decent, while billings were slightly light.
該分析師補充說，第二季度的營收和ARR表現不錯，而開票額則略微不足。
On the call, Jaluria will seek an update on new business trends, the traction of Dash and bundling, and assumptions for second-half guidance.
在電話會議上，Jaluria將尋求有關新業務趨勢，Dash和捆綁銷售的進展以及下半年指導的假設的更新。
Price Action: DBX stock traded higher by 2.35% at $22.28 at the last check on Friday.
股票DBX在上週五最後一次交易時以22.28美元的價格上漲了2.35%。
Image via Shutterstock
圖片來自shutterstock。
譯文內容由第三人軟體翻譯。