Investors sent Dropbox (DBX) shares down as much as 10% as it opened trading on Friday, concerned over the departure of COO Dennis Woodside. Along with its second-quarter earnings results on Thursday, the company had announced that Woodside, who has been with Dropbox since 2014, will be stepping down in September.
The stock had fallen almost 6% during late trading on Thursday following the announcement.
Before joining the file-hosting giant, Woodside has held executive positions at Motorola and Google (GOOGL).
Dropbox CEO Drew Houston said, “He’s helped transform Dropbox into a publicly-traded company with over $1 billion in annual revenue and 12 offices around the world. Dennis will always be part of the Dropbox family, and we wish him all the best.”
The company added that it does not intend to hire another COO, as two of the senior members would be promoted to take charge of Woodside’s duties.
Dropbox shares had gained 21% since its March IPO, before the announcement of the COO departure.
Related: Dropbox second-quarter results
Most Popular
BIIB Earnings: Biogen Q1 2024 adj. earnings rise despite lower revenues
Biotechnology firm Biogen Inc. (NASDAQ: BIIB) Wednesday reported an increase in adjusted profit for the first quarter of 2024, despite a decline in revenues. Total revenue declined 7% year-over-year to
Hasbro (HAS) Q1 2024 Earnings: Key financials and quarterly highlights
Hasbro, Inc. (NASDAQ: HAS) reported first quarter 2024 earnings results today. Revenues decreased 24% year-over-year to $757.3 million. Net earnings attributable to Hasbro, Inc. were $58.2 million, or $0.42 per
BA Earnings: Highlights of Boeing’s Q1 2024 financial results
The Boeing Company (NYSE: BA) on Wednesday announced financial results for the first quarter of 2024, reporting a narrower net loss, on an adjusted basis. Revenues dropped 8%. Core loss,
Comments
Comments are closed.