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Dropbox (DBX) agreed to acquire cloud technology company Tigris Data for $350 million, its largest acquisition to date, to expand its AI infrastructure. The deal marks a significant push by the file-storage provider into AI-related cloud services. After third-quarter sales and operating margin exceeded guidance, Dropbox raised its full-year revenue and profit outlook and outlined plans to expand into AI infrastructure through the proposed Tigris Data acquisition.
Dropbox (NASDAQ: DBX) raised its full-year revenue and profit outlook after third-quarter sales and operating margin exceeded its guidance, the company said on its earnings call. The file-storage provider also outlined plans to expand into AI infrastructure through its proposed acquisition of object-storage provider Tigris Data.
Third-quarter results beat guidance
Dropbox reported that both third-quarter sales and operating margin came in above the guidance it had previously issued. The company did not disclose specific figures in the source material.
Full-year outlook raised
Following the third-quarter performance, Dropbox raised its outlook for full-year revenue and profit.
Push into AI infrastructure
Alongside the raised guidance, Dropbox outlined plans to expand into AI infrastructure. The move centers on its proposed acquisition of Tigris Data, described in the source material as an object-storage provider.
Key points
- Third-quarter sales exceeded guidance.
- Third-quarter operating margin exceeded guidance.
- Full-year revenue outlook was raised.
- Full-year profit outlook was raised.
- The company outlined plans to expand into AI infrastructure through the proposed Tigris Data acquisition.