Why Dropbox Stock Plunged Today

Shares of Dropbox (NASDAQ: DBX) have plunged today, down by 12% as of 3:20 p.m. EDT, after the cloud storage specialist reported second-quarter earnings. Though the results topped expectations, investors were rattled by news that the company's CFO is departing.

Revenue in the second quarter increased 16% to $467.4 million, topping the analyst forecast of $465.4 million in sales. That resulted in adjusted earnings per share of $0.22, also ahead of the $0.17 per share in adjusted profits that Wall Street was modeling for. The cloud storage technology company reported annual recurring revenue (ARR) of $1.93 billion and 15 million paying users.

Image source: Dropbox.

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Source Fool.com