Dropbox said on Thursday that its chief operating officer, Dennis Woodside, is stepping down. The company isn't naming a successor but is announcing two executive promotions.

Dropbox stock initially rose and then fell more than 10 percent after the company also announced better-than-expected earnings for the second quarter.

Here are the key numbers:

Earnings: 11 cents per share, excluding certain items, vs. 6 cents per share as expected by analysts, according to Thomson Reuters
Revenue: $339.2 million, vs. $330.9 million as expected by analysts, according to Thomson Reuters

Yamini Rangan, who joined Dropbox from Workday in 2016 as vice president of business strategy and operations, is becoming the company's chief customer officer, and vice president of communications Lin-Hua Wu, who joined from Square in 2016, will report to co-founder and CEO Drew Houston along with Rangan, the company said.

Woodside joined Dropbox as the company's operating chief in April 2014. Before that, he spent two years as CEO of Motorola Mobility, which is now owned by Lenovo. And prior to that, he was president of the Americas and senior vice president at Google. Google represents one of Dropbox's biggest competitors in the cloud storage and collaboration markets, along with Apple and Microsoft.