A corner of Wall Street that fueled the subprime mortgage crisis wants to see more women and people of color put in charge of calling the shots in finance, says Michael Bright, CEO of the Structured Finance Association.
Dropbox Inc. shares were initially up 17% before settling to 7% in after-hours trading Thursday after the file-sharing service reported fourth-quarter earnings that beat Wall Street estimates. In a conference call with analysts later, Dropbox Chief Executive Drew Houston said Dropbox’s goal is to become profitable on a GAAP basis by the end of the year. The company also reported jumps in paying users (to 14.3 million) and average revenue per user (to $125). Dropbox reported a net loss of $6.6 million, or 2 cents a share, in the quarter, compared with a net loss of $9.5 million, or 2 cents a share, in the year-ago fourth quarter. Revenue improved 19% to $446 million from $375.9 million a year ago. Analysts surveyed by FactSet had expected a loss of 3 cents a share on sales of $443 million. Dropbox shares are down 26.9% over the last 12 months. The broader S&P 500 index has gained 21.6% in the last year.
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