Business Corpus: Dropbox Stock Falls Despite Quarterly Earnings BeatDropbox stock fell in after-hours trading, following its second-quarter results reported after the market close Thursday that beat on the top and bottom line. The post Dropbox Stock Falls Despite Quarterly Earnings Beat appeared first on Investor's Business Daily.

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Dropbox stock fell in after-hours trading, following its second-quarter results reported after the market close Thursday that beat on the top and bottom line.

Dropbox (DBX) reported revenue of $339.2 million, up 27% from the year-ago period. That beat analyst predictions for $331 million. It reported adjusted earnings of 11 cents per share, beating estimates of 6 cents.

Shares of Dropbox were down 10.7%, near 30.72 during after-hours trading on the stock market today. Dropbox stock closed Thursday at 34.43, up 9.1%.

The company made its initial public offering on March 23, pricing Dropbox stock at 21. Shares hit a record high of 43.50 on June 18.

Dropbox also announced that Dennis Woodside is stepping down as chief operating officer. He'll remain at the company until early September and serve as an advisor through the end of the year, Dropbox said.

Dropbox provides data-storage and business-collaboration services. Dropbox competes against Box (BOX), Atlassian (TEAM), privately held Slack and Citrix Systems (CTXS).

The company ended the quarter with 11.9 million paying users, up 2 million from the year-ago period. It said average revenue per paying user was $116.66, as compared to $111.19 for the same period last year.

(An earlier version of this story incorrectly relayed analyst revenue predictions for Dropbox.)

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The post Dropbox Stock Falls Despite Quarterly Earnings Beat appeared first on Investor's Business Daily.