What happened

Shares of Dropbox (DBX -1.49%) 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.

So what

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.

Screenshot of Dropbox app interface

Image source: Dropbox.

"Our Q2 results are a testament to our teams' hard work supporting our customers in this new environment," CEO Drew Houston said in a statement. "Over the past quarter, we introduced a number of products to help facilitate distributed work, addressing both team and personal use cases."

Now what

Dropbox announced that CFO Ajay Vashee would be stepping down in order to pursue a career in venture capital. Vashee has been with the company for over eight years, including helping take Dropbox public a couple of years ago. Chief Accounting Officer Tim Regan will become the company's new CFO. Vashee will advise Dropbox through mid-October as part of the transition.

In terms of guidance, revenue in the third quarter is expected in the range of $481 million to $484 million. Dropbox is modestly increasing its full-year guidance, with revenue in 2020 now forecast at $1.89 billion to $1.9 billion.