The silhouette of Drew Houston, chief executive officer and co-founder of Dropbox Inc., is seen walking on stage during an event in San Francisco.

Dropbox starts the day down 10 percent after COO departs

The silhouette of Drew Houston, chief executive officer and co-founder of Dropbox Inc., is seen walking on stage during an event in San Francisco.

David Paul Morris | Bloomberg | Getty Images

The silhouette of Drew Houston, chief government officer and co-founder of Dropbox Inc., is seen strolling on stage throughout an occasion in San Francisco.

Dropbox fell as a lot as 10 percent throughout Friday’s open after its announcement on Thursday that chief working officer, Dennis Woodside, will be stepping down in September.

The cloud providers firm reported robust second-quarter earnings after the bell on Thursday, beating Wall Street expectations on income and earnings per share. But traders appear to be reacting to the lack of a high-profile Silicon Valley government. Woodside beforehand served as an government at Google and Motorola.

its IPO earlier this 12 months.

“We’re grateful for everything Dennis has done for us,” CEO Drew Houston stated in a statement. “He’s helped transform Dropbox into a publicly-traded company with over $1 billion in annual revenue and 12 offices around the world.”

Prior to the announcement, Dropbox’s share worth had gained almost 21 percent since going public in March.

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