Dropbox Inc. (DBX) is trading down some 8% in premarket trading after a mixed earnings report -- good quarterly results, but word that the chief operating offer is leaving.
Starting with the good, the digital file storage company reported that it had 11.9 million paid subscribers at the end of June, a 20% increase over the previous year and higher than the 11.73 million Wall Street was expecting.
Those extra subscribers led to a 27% jump in revenue to $339.2 million, well ahead of analyst expectations for $330.9 million. The company reported adjusted earnings of 11 cents per share, though it did lose $4.1 million in the quarter on an unadjusted basis, which was a nickel better than analysts were expecting.
And now for the bad.
The company also announced that Chief Operating Officer Dennis Woodside is leaving the company after playing a critical role in the company's initial public offering in March. Woodside will officially step down in early September after four years with the company, but will also stay on as an advisor until the end of the year.
TheStreet sat down with Woodside for an interview the day the company went public. Hear what he had to say here.
(This item has been updated.)