DROPBOX Q1 PROFIT TOPS EXPECTATIONS, STOCK RISES ABOVE MA20
Dropbox Inc. is currently trading at 23.48-higher by 1.08% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 6.20%. The stock has pared some of it’s earlier after the opening bell.
The file sharing and storage company reported its earnings after the market close on Thursday. The company generated EPS (excluding one-time items) of 10 cents for the first quarter. The EPS was above the market expectation of 6 cents. Dropbox brought in $385.6 million in revenue for the first quarter. The revenue was above the consensus estimates of $381.58 million.
The file storage company expects $399 million to $401 million in revenue for the second quarter. The revenue forecast was above the market expectation of $399.4 million. For the full year, the tech company raised its full-year revenue to between $1.63 billion and $1.65 billion.
On the technical front, the current price is above the MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 53.24% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 23.45 TAKE PROFIT AT 23.85 STOP LOSS AT 23.25