Dropbox shares closed higher by 14%, continue to rise in after-market trading
Shares of collaboration platform company Dropbox closed Thursday's session higher by 14%. This past Tuesday, the company announced a new chapter in the evolution of Magic Pocket, its custom-built storage infrastructure. "The company is successfully deploying Shingled Magnetic Recording, SMR, drive technology, which will increase overall storage density, reduce the company's physical data center footprint, and provide significant cost savings without sacrificing performance or reliability. Dropbox will be the first company to test and deploy SMR technology at this scale," said Dropbox in a statement on June 12. Dropbox said at the time it, anticipates approximately a quarter of its Magic Pocket infrastructure will be on SMR drive capacity by 2019. In the coming months, the company also plans to open source the test software it created in the process, which will let other companies qualify SMR technology for their own enterprise storage environments. "Creating our own storage infrastructure was a huge technological challenge, but it's already paid dividends for our customers and our business," said Quentin Clark, SVP of Engineering, Product, and Design at Dropbox at the time. Shares closed up over 14% to $36.12 to close the regular session. Dropbox continues to trade higher in the after-market on Thursday.