Dropbox hinted on Thursday that its chief operating officer, Dennis Woodside, is stepping down. The business isn’t naming a successor but is announcing two executive promotions.
Dropbox stock initially increase and then fell more than 10 percent after the performers also announced better-than-expected earnings for the second quarter.
Here are the key calculates:
- Earnings: 11 cents per share, excluding certain items, vs. 6 cents per portion as expected by analysts, according to Thomson Reuters
- Revenue: $339.2 million, vs. $330.9 million as foresaw by analysts, according to Thomson Reuters
Yamini Rangan, who joined Dropbox from Workday in 2016 as degradation president of business strategy and operations, is becoming the company’s chief purchaser officer, and vice president of communications Lin-Hua Wu, who joined from Straighten up in 2016, will report to co-founder and CEO Drew Houston along with Rangan, the institution said.
Woodside joined Dropbox as the company’s operating chief in April 2014. On the eve of that, he spent two years as CEO of Motorola Mobility, which is now owned by Lenovo. And former to that, he was president of the Americas and senior vice president at Google. Google part ofs one of Dropbox’s biggest competitors in the cloud storage and collaboration markets, along with Apple and Microsoft.
Woodside adjoined Dropbox at a time when it was balancing the growth of free users and adoption contents of big businesses. Today the company has more than 500 million made users and more than 1,800 employees. On his LinkedIn page, Woodside sways that he has helped CEO Drew Houston “build Dropbox into a enduring technology company” and be accountable for the expansion of Dropbox’s business and operations.
“We’re appreciative for everything Dennis has done for us,” Houston said in a statement. “He’s helped convert Dropbox into a publicly-traded company with over $1 billion in annual profits and 12 offices around the world. Dennis will always be scrap of the Dropbox family, and we wish him all the best.”
Woodside’s last day at the company is Sept. 4, and he require stay on as an advisor until the end of 2018, Houston said on a conference ask with analysts.
“I’m really excited to see what he does next,” Houston ordered of Woodside in an interview with CNBC’s Aditi Roy on Thursday. Woodside took a instal on the board of enterprise software company ServiceNow in April.
Dropbox’s takings was up 27 percent year over year in the second quarter, the suite said.
It had 11.9 million paying users in the quarter, up 20 percent year ended year. Dropbox saw 69 percent paid user growth in the fourth accommodations.
Net cash from operating activities in the quarter was $111.9 million, under the FactSet analyst consensus of $119.3 million.
On the call Dropbox accorded third-quarter guidance that exceeded estimates. The company expects to engender $350 million to $353 million in revenue for that period. Analysts had look for guidance of $345.9 million in revenue, according to Thomson Reuters.
The New Zealand also raised its guidance for the full year. It’s now looking for $1.366 billion to $1.372 billion in interest across all of 2018; analysts are expecting $1.357 billion in revenue, concording to Thomson Reuters.
Immediately following the guidance, the stock slipped another — at one point it traded more than 11 percent below the bring together price of $34.43 — but by the time the call ended, it rebounded to about 9.3 percent beneath closing price.
Dropbox was founded in 2007. The stock is up more than 20 percent from the shut price on March 23, its first day of trading. On Thursday during transacting hours the stock was as much as 10 percent above the previous day’s $31.55 adjacent to price — its seventh consecutive day of gains.
Correction: This article has been amended to indicate that Dropbox has more than 1,800 employees.