Q2 2025 Earnings Highlights [Headline Results](index=1&type=section&id=1.1%20Headline%20Results) Dropbox announced its fiscal Q2 2025 results, reporting a slight revenue decrease year-over-year but strong non-GAAP operating margin and free cash flow, indicating operational efficiency Q2 2025 Key Financial Highlights | Metric | Value | YoY Change | | :-------------------------------- | :---------------- | :--------- | | Revenue | $625.7 million | -1.4% | | Non-GAAP Operating Margin | 41.5% | +5.6 pp | | Net Cash Provided by Operating Activities | $260.5 million | +12.9% | | Free Cash Flow | $258.5 million | +15.0% | [CEO Statement](index=1&type=section&id=1.2%20CEO%20Statement) CEO Drew Houston highlighted a strong quarter, emphasizing the business's durability and progress in product initiatives. He noted early signs of stability in the Core FSS business and growing momentum for AI-powered Dash, expressing confidence in long-term growth across existing and new product lines - Dropbox delivered a **strong Q2**, demonstrating business durability and progress on key product initiatives[3](index=3&type=chunk) - Early signs of **stability** are observed in the Core FSS business, even with more efficient investment levels[3](index=3&type=chunk) - AI-powered Dash continues to build **momentum** with stronger customer engagement, reflecting increased adoption of intelligent tools for work[3](index=3&type=chunk) [Detailed Q2 2025 Financial Highlights](index=1&type=section&id=1.3%20Detailed%20Q2%202025%20Financial%20Highlights) Dropbox's detailed Q2 2025 financial results show a slight decline in revenue and Annual Recurring Revenue (ARR) year-over-year, alongside a decrease in paying users. However, the company achieved significant improvements in GAAP and Non-GAAP operating margins and net income, driven partly by reduced employee-related costs Q2 2025 Detailed Financial Highlights (YoY Comparison) | Metric | Q2 2025 | Q2 2024 | Change | | :------------------------------------ | :---------- | :---------- | :------- | | Total Revenue | $625.7M | $634.5M | -1.4% | | Total ARR | $2.542B | $2.573B | -1.2% | | Paying Users | 18.13M | 18.22M | -0.5% | | Average Revenue Per Paying User | $138.32 | $139.93 | -1.1% | | GAAP Gross Margin | 80.2% | 83.1% | -2.9 pp | | Non-GAAP Gross Margin | 82.2% | 84.5% | -2.3 pp | | GAAP Operating Margin | 26.9% | 20.0% | +6.9 pp | | Non-GAAP Operating Margin | 41.5% | 35.9% | +5.6 pp | | GAAP Net Income | $125.6M | $110.5M | +13.7% | | Non-GAAP Net Income | $197.7M | $194.1M | +1.9% | | Net Cash Provided by Operating Activities | $260.5M | $230.6M | +12.9% | | Free Cash Flow | $258.5M | $224.7M | +15.0% | | GAAP Diluted EPS | $0.45 | $0.34 | +32.4% | | Non-GAAP Diluted EPS | $0.71 | $0.60 | +18.3% | | Cash, Cash Equivalents & Short-Term Investments | $954.7M | N/A | N/A | - The increase in GAAP operating margin was partially due to a decrease in employee-related costs driven by a decrease in headcount[6](index=6&type=chunk) GAAP Financial Statements [Condensed Consolidated Statements of Operations](index=5&type=section&id=2.1%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, Dropbox reported a slight revenue decline but a notable increase in GAAP net income and diluted EPS compared to the prior year, primarily due to lower operating expenses, particularly in research and development and sales and marketing Condensed Consolidated Statements of Operations (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Revenue | $625.7 | $634.5 | $(8.8) | -1.4% | | Cost of revenue | $123.7 | $107.0 | $16.7 | +15.6% | | Gross profit | $502.0 | $527.5 | $(25.5) | -4.8% | | Total operating expenses | $333.6 | $400.5 | $(66.9) | -16.7% | | Income from operations | $168.4 | $127.0 | $41.4 | +32.6% | | Net income | $125.6 | $110.5 | $15.1 | +13.7% | | Basic net income per share | $0.46 | $0.34 | $0.12 | +35.3% | | Diluted net income per share | $0.45 | $0.34 | $0.11 | +32.4% | Stock-based Compensation Expense (Three Months Ended June 30) | Category | 2025 (Millions) | 2024 (Millions) | Change (Millions) | Change (%) | | :-------------------------- | :-------------- | :-------------- | :---------------- | :--------- | | Cost of revenue | $5.6 | $6.0 | $(0.4) | -6.7% | | Research and development | $53.8 | $64.2 | $(10.4) | -16.2% | | Sales and marketing | $5.7 | $6.2 | $(0.5) | -8.1% | | General and administrative | $12.6 | $14.1 | $(1.5) | -10.6% | | Total stock-based compensation | $77.7 | $90.5 | $(12.8) | -14.1% | [Condensed Consolidated Balance Sheets](index=6&type=section&id=2.2%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Dropbox's total assets decreased compared to December 31, 2024, primarily due to a significant reduction in cash and cash equivalents. Total liabilities saw a slight increase, while stockholders' deficit widened Condensed Consolidated Balance Sheets (As of) | Metric | June 30, 2025 (Millions) | December 31, 2024 (Millions) | Change (Millions) | | :-------------------------------- | :----------------------- | :--------------------------- | :---------------- | | Cash and cash equivalents | $736.3 | $1,328.3 | $(592.0) | | Total current assets | $1,113.5 | $1,738.4 | $(624.9) | | Total assets | $2,779.4 | $3,325.2 | $(545.8) | | Total current liabilities | $1,855.2 | $1,210.8 | $644.4 | | Total liabilities | $4,084.9 | $4,077.6 | $7.3 | | Total stockholders' deficit | $(1,305.5) | $(752.4) | $(553.1) | - Current liabilities increased significantly, driven by convertible senior notes becoming current, while non-current convertible senior notes decreased[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=2.3%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Dropbox generated strong net cash from operating activities in Q2 2025, an increase year-over-year. However, significant cash outflows from financing activities, primarily common stock repurchases, led to a net decrease in cash and cash equivalents for the quarter Condensed Consolidated Statements of Cash Flows (Three Months Ended June 30) | Activity | 2025 (Millions) | 2024 (Millions) | Change (Millions) | | :------------------------------------ | :-------------- | :-------------- | :---------------- | | Net cash provided by operating activities | $260.5 | $230.6 | $29.9 | | Net cash provided by investing activities | $12.4 | $63.2 | $(50.8) | | Net cash used in financing activities | $(487.8) | $(326.7) | $(161.1) | | Change in cash, cash equivalents, and restricted cash | $(205.7) | $(33.8) | $(171.9) | | Cash, cash equivalents, and restricted cash - end of period | $769.2 | $515.1 | $254.1 | - Common stock repurchases were a major use of cash in financing activities, totaling **$410.0 million** in Q2 2025[17](index=17&type=chunk) - Investing activities saw a decrease in proceeds from maturities of short-term investments compared to the prior year[17](index=17&type=chunk) Non-GAAP Reconciliations and Explanations [Reconciliation of GAAP to Non-GAAP Operating Results](index=8&type=section&id=3.1%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Operating%20Results) This section provides a reconciliation of GAAP operating results to Non-GAAP operating results for both the three and six months ended June 30, 2025 and 2024, highlighting adjustments for stock-based compensation, acquisition-related expenses, intangibles amortization, real estate asset losses, and workforce reduction expenses [Three Months Ended June 30, 2025](index=8&type=section&id=3.1.1%20Three%20Months%20Ended%20June%2030%2C%202025) GAAP vs. Non-GAAP Operating Results (Three Months Ended June 30, 2025) | Metric | GAAP (Millions) | Adjustments (Millions) | Non-GAAP (Millions) | | :-------------------------- | :-------------- | :--------------------- | :------------------ | | Cost of revenue | $123.7 | $(12.5) | $111.2 | | Gross profit | $502.0 | $12.5 | $514.5 | | Research and development | $184.4 | $(56.0) | $128.4 | | Sales and marketing | $87.8 | $(6.9) | $80.9 | | General and administrative | $58.8 | $(13.0) | $45.8 | | Net loss on real estate assets | $2.6 | $(2.6) | $0.0 | | Income from operations | $168.4 | $90.9 | $259.4 | | Operating margin | 26.9% | 14.6% | 41.5% | [Three Months Ended June 30, 2024](index=9&type=section&id=3.1.2%20Three%20Months%20Ended%20June%2030%2C%202024) GAAP vs. Non-GAAP Operating Results (Three Months Ended June 30, 2024) | Metric | GAAP (Millions) | Adjustments (Millions) | Non-GAAP (Millions) | | :-------------------------- | :-------------- | :--------------------- | :------------------ | | Cost of revenue | $107.0 | $(8.8) | $98.2 | | Gross profit | $527.5 | $8.8 | $536.3 | | Research and development | $227.1 | $(67.5) | $159.6 | | Sales and marketing | $112.5 | $(9.2) | $103.3 | | General and administrative | $60.9 | $(15.4) | $45.5 | | Income from operations | $127.0 | $100.9 | $227.9 | | Operating margin | 20.0% | 15.9% | 35.9% | [Six Months Ended June 30, 2025](index=10&type=section&id=3.1.3%20Six%20Months%20Ended%20June%2030%2C%202025) GAAP vs. Non-GAAP Operating Results (Six Months Ended June 30, 2025) | Metric | GAAP (Millions) | Adjustments (Millions) | Non-GAAP (Millions) | | :-------------------------- | :-------------- | :--------------------- | :------------------ | | Cost of revenue | $240.4 | $(13.0) | $217.9 | | Gross profit | $1,010.0 | $22.5 | $1,032.5 | | Research and development | $362.8 | $(105.1) | $257.7 | | Sales and marketing | $179.8 | $(13.3) | $166.5 | | General and administrative | $112.6 | $(24.2) | $88.4 | | Net loss on real estate assets | $2.6 | $(2.6) | $0.0 | | Income from operations | $352.2 | $167.7 | $519.9 | | Operating margin | 28.2% | 13.4% | 41.6% | [Six Months Ended June 30, 2024](index=11&type=section&id=3.1.4%20Six%20Months%20Ended%20June%2030%2C%202024) GAAP vs. Non-GAAP Operating Results (Six Months Ended June 30, 2024) | Metric | GAAP (Millions) | Adjustments (Millions) | Non-GAAP (Millions) | | :-------------------------- | :-------------- | :--------------------- | :------------------ | | Cost of revenue | $212.8 | $(17.1) | $195.7 | | Gross profit | $1,053.0 | $17.1 | $1,070.1 | | Research and development | $446.2 | $(125.9) | $320.3 | | Sales and marketing | $221.3 | $(17.4) | $203.9 | | General and administrative | $115.0 | $(27.7) | $87.3 | | Income from operations | $270.5 | $188.1 | $458.6 | | Operating margin | 21.4% | 14.8% | 36.2% | [Reconciliation of GAAP to Non-GAAP Net Income and EPS](index=12&type=section&id=3.2%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Net%20Income%20and%20EPS) Dropbox provides a reconciliation of GAAP net income and diluted EPS to their Non-GAAP counterparts, adjusting for various non-cash and non-recurring items such as stock-based compensation, acquisition-related expenses, and workforce reduction costs, to offer a clearer view of underlying operational performance Reconciliation of GAAP to Non-GAAP Net Income and EPS (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | | :------------------------------------ | :-------------- | :-------------- | | GAAP net income | $125.6 | $110.5 | | Total Non-GAAP adjustments | $72.1 | $83.6 | | Non-GAAP net income | $197.7 | $194.1 | | Non-GAAP diluted net income per share | $0.71 | $0.60 | Reconciliation of GAAP to Non-GAAP Net Income and EPS (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | | :------------------------------------ | :-------------- | :-------------- | | GAAP net income | $275.9 | $242.8 | | Total Non-GAAP adjustments | $128.9 | $148.0 | | Non-GAAP net income | $404.8 | $390.8 | | Non-GAAP diluted net income per share | $1.41 | $1.18 | [Reconciliation of Free Cash Flow](index=12&type=section&id=3.3%20Reconciliation%20of%20Free%20Cash%20Flow) Dropbox's free cash flow (FCF) and unlevered FCF significantly increased year-over-year for both the three and six months ended June 30, 2025, demonstrating strong cash generation capabilities after accounting for capital expenditures and debt interest Free Cash Flow Reconciliation (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | | :------------------------------------ | :-------------- | :-------------- | | Net cash provided by operating activities | $260.5 | $230.6 | | Capital expenditures | $(2.0) | $(5.9) | | Free cash flow | $258.5 | $224.7 | | Free cash flow margin | 41.3% | 35.4% | | Unlevered free cash flow | $276.4 | $224.7 | Free Cash Flow Reconciliation (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | | :------------------------------------ | :-------------- | :-------------- | | Net cash provided by operating activities | $414.3 | $406.1 | | Capital expenditures | $(2.1) | $(15.1) | | Free cash flow | $412.2 | $391.0 | | Free cash flow margin | 33.0% | 30.9% | | Unlevered free cash flow | $450.8 | $391.0 | - Supplemental disclosures include payments for workforce reduction (**$2.3 million** in Q2 2025) and cash paid for lease termination (**$36.0 million** for six months ended June 30, 2025)[29](index=29&type=chunk)[30](index=30&type=chunk) [About Non-GAAP Financial Measures](index=13&type=section&id=3.4%20About%20Non-GAAP%20Financial%20Measures) Dropbox utilizes various non-GAAP financial measures, such as constant currency revenue growth, non-GAAP operating income, and free cash flow, to provide investors with additional insights into its core operating performance by excluding non-recurring or non-cash expenses. Management uses these metrics for internal budgeting, forecasting, and evaluating financial performance, while acknowledging their inherent limitations compared to GAAP measures - Non-GAAP measures exclude stock-based compensation, amortization of acquired intangible assets, acquisition-related expenses, net loss on real estate assets, workforce reduction expenses, net loss on equity investments, and related income tax effects[30](index=30&type=chunk) - Management uses non-GAAP measures to understand and compare operating results, for internal budgeting, and to evaluate financial performance, believing they reflect ongoing business trends[31](index=31&type=chunk) - Free Cash Flow (FCF) is considered an indicator of long-term liquidity, providing information on cash generated from operations and investments in property and equipment, but has limitations such as not reflecting future contractual commitments[33](index=33&type=chunk) Additional Information [Financial Outlook and Conference Call](index=4&type=section&id=4.1%20Financial%20Outlook%20and%20Conference%20Call) Dropbox will provide its forward-looking financial guidance during its quarterly earnings conference call and webcast, with details available on its investor relations website - Forward-looking guidance will be provided on the conference call and webcast, accessible via http://investors.dropbox.com[8](index=8&type=chunk)[9](index=9&type=chunk) [About Dropbox](index=4&type=section&id=4.2%20About%20Dropbox) Dropbox is a cloud-based collaboration platform headquartered in San Francisco, CA, serving over 700 million registered users across approximately 180 countries with a mission to design a more enlightened way of working - Dropbox helps users organize life and keep work moving, with over **700 million registered users** in approximately **180 countries**[10](index=10&type=chunk) - The company's mission is to design a more enlightened way of working[10](index=10&type=chunk) - Dropbox is headquartered in San Francisco, CA[10](index=10&type=chunk) [Forward-Looking Statements](index=4&type=section&id=4.3%20Forward-Looking%20Statements) This section contains forward-looking statements regarding Dropbox's business performance, product initiatives, and financial trends, which are subject to various risks and uncertainties, including user retention, market competition, technological changes, and economic conditions. Investors are cautioned that actual results may differ materially from expectations - Statements regarding Core FSS business performance, new product initiatives (e.g., Dash), and customer adoption are forward-looking[11](index=11&type=chunk) - Key risks include the ability to retain and upgrade paying users, attract new users, general economic trends, pricing changes, and competition[11](index=11&type=chunk) - Dropbox assumes no obligation to update forward-looking statements, except as required by law, and advises reviewing SEC filings for further risks[11](index=11&type=chunk) [Contacts](index=15&type=section&id=4.4%20Contacts) Contact information for investor relations and media inquiries is provided - Investors can contact Peter Stabler at ir@dropbox.com[35](index=35&type=chunk) - Media inquiries can be directed to Alissa Stewart at press@dropbox.com[35](index=35&type=chunk)

Company Overview - Dropbox (DBX) is expected to report a year-over-year increase in earnings of +5% with an EPS of $0.63, despite a revenue decline of -2.6% to $617.77 million for the quarter ended June 2025 [3][11] - The earnings report is scheduled for release on August 7, and the actual results will significantly influence the stock price depending on whether they meet or exceed expectations [2][3] Earnings Expectations - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4] - The Most Accurate Estimate for Dropbox is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -4.00%, suggesting a bearish outlook from analysts [11] Historical Performance - In the last reported quarter, Dropbox exceeded the consensus EPS estimate of $0.62 by delivering earnings of $0.70, resulting in a surprise of +12.90% [12] - Over the past four quarters, Dropbox has consistently beaten consensus EPS estimates [13] Comparison with Industry Peers - Uber Technologies (UBER), another player in the Zacks Internet - Services industry, is expected to report an EPS of $0.62, reflecting a year-over-year increase of +31.9% and revenue growth of +16.4% to $12.46 billion [17][18] - Uber's Earnings ESP is +0.2%, indicating a likelihood of beating the consensus EPS estimate, supported by a Zacks Rank of 3 [18]

Dropbox App Warning Confirmed — Passwords Deleted If You Don’t Act https://t.co/QzIvwiQDA4 ...

Company Performance - Dropbox's stock increased by 1.19% to $28.10, outperforming the S&P 500's gain of 0.02% on the same day [1] - Prior to this trading session, Dropbox shares had decreased by 1.24%, lagging behind the Computer and Technology sector's gain of 6.31% and the S&P 500's gain of 4.93% [1] Upcoming Earnings Report - Dropbox is set to release its earnings report on August 7, 2025, with an expected EPS of $0.63, reflecting a 5% increase from the same quarter last year [2] - The consensus estimate for revenue is projected at $617.77 million, which is a decrease of 2.64% compared to the prior-year quarter [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $2.61 per share and revenue at $2.48 billion, indicating changes of +4.82% and -2.57% respectively from the previous year [3] - Recent analyst estimate revisions suggest a positive outlook on Dropbox's business performance and profit potential [3] Analyst Ratings and Valuation - The Zacks Rank system, which evaluates estimate changes, currently ranks Dropbox at 3 (Hold) [5] - Dropbox's Forward P/E ratio is 10.63, indicating a discount compared to its industry's Forward P/E of 20.42 [6] - The company has a PEG ratio of 7.33, while the Internet - Services industry has an average PEG ratio of 1.61 [6] Industry Context - The Internet - Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 192, placing it in the bottom 23% of over 250 industries [7] - Research indicates that top-rated industries outperform lower-rated ones by a factor of 2 to 1 [7]

Competitive Landscape - Incumbent system of record providers leverage existing customer base as a competitive advantage [2] - New entrants compete by offering solutions compatible with any system of record, avoiding displacement of legacy systems [2] - The traditional approach for established players involves adding new features to existing systems [1] Market Position - Dropbox lacks a significant enterprise presence compared to Service Now and Salesforce [3] - Dropbox and Glean operate in different market segments [3] Strategic Analysis - The success of Dropbox's product is not the primary concern [1] - Leadership is crucial for established companies to compete effectively [1]

Core Insights - Traditional marketing channels are declining, while companies like Cursor are experiencing explosive growth due to innovative market entry strategies [1][2][3] - The article outlines three evolutionary phases of market entry strategies, highlighting the shift from pull to push tactics [4][18] Phase Summaries Phase 1: From Offline to Online (2000-2010) - Pull Strategy - The first wave of internet startups digitized offline information, exemplified by platforms like Trulia [6][7] - This "pull" strategy relied on search engine optimization to attract users, but has become less effective as the market matured [11] Phase 2: Product-Driven Growth (2010-2020) - Push Strategy - The second wave introduced products with built-in viral mechanisms, where user growth directly enhanced product value [12][13] - This era marked a transition to a "push" strategy, focusing on product features to capture market share [14][15] Phase 3: External Push - The latest strategy emphasizes leveraging existing communities rather than solely building proprietary platforms [19][20] - Companies are now utilizing third-party networks for community building, a tactic referred to as "ecosystem marketing" [22][23] Effective Strategies - The current market entry strategy combines product virality with community building [24] - Key principles include creating a multiplayer experience and maintaining authenticity in marketing efforts [25] Specific Tactics 1. **Open Building**: Transparency in company progress fosters user trust and engagement [26][28] 2. **Community-Driven Growth**: Establishing communities in existing user hubs accelerates network building [34] 3. **Self-Service Viral Products**: Allowing users to discover and use products independently enhances growth [36] 4. **Targeting Professional Consumers**: Focusing on prosumers who have a higher willingness to pay and decision-making power [38] 5. **Open Source Foundations**: Building communities around free software can drive product adoption and growth [40][42] 6. **Influencer Marketing**: Leveraging social proof through influencer partnerships can significantly boost sales [44][46] Conclusion - As traditional marketing channels become saturated and costly, companies must innovate their market entry strategies to remain competitive [49] - The new formula emphasizes a combination of product and community frameworks to create genuine connections with users [50]

Core Insights - The investment landscape has shifted from a focus on general technology to a more pragmatic approach, emphasizing vertical AI applications that address specific industry workflows [2][3][4] - Y Combinator (YC) has become a significant player in the startup ecosystem, having incubated over 3,000 companies with a combined valuation exceeding $800 billion [2] Group 1: Trends in AI Startups - The proportion of AI-native companies in recent YC demo days has increased, indicating a rapid iteration and product development cycle [3][4] - Startups are now focusing on solving multiple pain points within a single industry rather than addressing a single aspect across various sectors [4][10] - Technical expertise alone is no longer a competitive advantage; deep understanding of vertical business needs is crucial [5][8] Group 2: Changes in Startup Dynamics - The barrier to entry for startups has lowered, with some teams achieving annual revenues of $10 million within 12 months, often with fewer than 10 members [5][6] - The concept of "Vibe Coding" allows developers to focus on high-level goals while AI handles code generation, changing the traditional coding landscape [5][6] - The share of vertical AI projects in YC has risen from 19% in 2023 to 40% in 2025, while horizontal AI projects have decreased from 49% to 26% [6] Group 3: Case Studies of Vertical AI Applications - Kirana AI provides an AI store manager for grocery stores, enhancing operational efficiency and safety through real-time alerts and data analysis [10][11] - Eloquent AI focuses on automating complex workflows in financial services, overcoming regulatory challenges by directly connecting AI to client databases [11][12] - The potential for AI to replace entire teams in specific industries presents a new value proposition, moving beyond subscription fees to capturing significant service fees [12][13] Group 4: Future Outlook - The future of startups may involve founders immersing themselves in the industries they aim to serve, as exemplified by a YC startup that employed a medical billing professional to understand the field better [13] - The integration of AI agents into various workflows will require a conducive environment for data sharing and collaboration across industries [13]

早期支持者的押注回报：Accel押中"少年天才" 图片来源：Index Ventures 随着Meta公司对人工智能创业公司Scale AI达成高达143亿美元的投资交易，一批风险投资机构正站在巨额回报的门槛上。 其中最大赢家是硅谷老牌风投Accel。早在近十年前，Scale CEO Alexandr Wang还只是少年时，Accel便成为其最早的支持者之一。知情人士透露，Accel此 次将获得超过25亿美元的回报。由于信息敏感，该人士要求匿名。Accel对此交易未作评论。 此次融资将使Meta获得Scale 49%的股份，同时Scale CEO Alexandr Wang将加入Meta，参与其AI战略推进。虽然现有股东不会出售股份，但由于Meta增发 新股，其持股比例将被稀释。该人士透露，Scale计划将Meta的部分投资以股息形式分配给股东，分配比例基于各自所持股份。 尽管这不是一次直接收购，但这笔交易预计仍将面临监管审查。 传奇投资：从Uber司机牵线到数百倍回报 成立于2016年的Scale拥有一众重量级投资者，包括Index Ventures、Y Combinator和Tiger Global。据悉 ...

Core Insights - Dropbox Inc (NASDAQ:DBX) has experienced a 4.2% decline over the last three days, currently stabilizing around the $28 level, with potential for a short-term bounce indicated by a trendline on the charts [1] Price Movement and Technical Analysis - The stock has pulled back to its 50-day moving average, being within 0.75 of the trendline's 20-day average true range (ATR), after remaining above this level for 80% of the last 10 days and two months [2] - Historical data shows that after similar pullbacks, DBX has risen 83% of the time one month later, with an average gain of 4.9%, suggesting a potential recovery to just under the $30 level [3] Options Market Sentiment - There has been a notable increase in put trading activity for Dropbox, with a 10-day put/call volume ratio of 3.28 and a 50-day ratio of 1.90, both ranking higher than 97% of readings from the past year, indicating a bearish sentiment [5] - The Schaeffer's put/call open interest ratio (SOIR) stands at 1.95, in the 84th percentile of annual readings, further reflecting the unusual appetite for bearish bets recently [6]

金十图示：2025年06月10日（周二）美股热门股票行情一览（美股收盘） 达美航空 组柯钢铁 端重亚 Delta 337.45亿市值 299.91亿市值 287.70亿市值 5.35 51.68 124.68 +2.15(+1.75%) +0.48(+0.94%) -0.08(-1.47%) 福克斯-A 沃达丰(US) = ) 爱立信 FOX 285.55亿市值 246.08亿市值 243.90亿市值 8.47 54.73 9.84 -0.02(-0.24%) -0.07(-0.71%) +0.63(+1.16%) 7 惠普 240.08亿市值 Pinterest Inc-A (FOX) 福克斯-B 237.56亿市值 226.20亿市值 25.56 35.11 50.31 +0.44(+1.75%) +0.97(+2.84%) +0.75(+1.51%) 西部数据 哈里伯顿 陶氏 195.20亿市值 217.11亿市值 187.00亿市值 55.95 21.75 30.71 -1.07(-1.88%) +0.75(+3.58%) +1.32(+4.51%) 华纳音乐 Dropbox Inc-A Lyft I ...