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Why Dropbox Stock Plunged Today

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. The cloud storage technology company reported annual recurring revenue (ARR) of $1.93 billion and 15 million paying users. "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.