Dropbox Falls as COO Resignation Overshadows Earnings Beat
- Company to promote two vice presidents, won’t seek new COO
- File-sharing service tops sales estimates; paid users rise
The Dropbox Inc. app
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Dropbox Inc. shares fell 8 percent in extended trading after the company said Chief Operating Officer Dennis Woodside is stepping down in September, overshadowing second-quarter sales and earnings that topped analysts’ estimates.
A four-year veteran of the company, Woodside had been instrumental in Dropbox’s initial public offering in March. He will maintain his role until early September and stay on as an adviser through the end of 2018, the company said. Dropbox will promote two current vice presidents to report to Chief Executive Officer Drew Houston, but will not seek a new COO, the company said.