Dropbox: COO resigns, stock drops 9%
(CercleFinance.com) - File-sharing service Dropbox said that COO Dennis Woodside has resigned in a surprise move that overshadowed the company's strong quarterly results and sent the company's shares down 9% in early-morning trading on Friday.
Chief Operating Officer Dennis Woodside, the former CEO of Motorola Mobility within Google, announced he is stepping down from his role in early September.
"Woodside joined the company in 2014, in large part to prepare the business for a public offering," analysts say at Jefferies.
"He's helped transform Dropbox into a publicly-traded company with over 1 billion dollars in annual revenue and 12 offices around the world," said CEO Drew Houston.
The move offset another solid quarter of numbers for the group, its second release as a public company.
Total revenue rose by 27% to 339.2 million dollars, with paying users totaling 11.9 million, up from 9.9 million for the same period last year.
Even better, average revenue per paying user rose to 116.66 dollars, from 111.19 dollars for the same period last year.
The shares were down 9.1% at 31.3 dollars on the Nasdaq in early-morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Chief Operating Officer Dennis Woodside, the former CEO of Motorola Mobility within Google, announced he is stepping down from his role in early September.
"Woodside joined the company in 2014, in large part to prepare the business for a public offering," analysts say at Jefferies.
"He's helped transform Dropbox into a publicly-traded company with over 1 billion dollars in annual revenue and 12 offices around the world," said CEO Drew Houston.
The move offset another solid quarter of numbers for the group, its second release as a public company.
Total revenue rose by 27% to 339.2 million dollars, with paying users totaling 11.9 million, up from 9.9 million for the same period last year.
Even better, average revenue per paying user rose to 116.66 dollars, from 111.19 dollars for the same period last year.
The shares were down 9.1% at 31.3 dollars on the Nasdaq in early-morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.