Dropbox CEO Drew Houston. Photo credit: World Economic Forum/swiss-image.ch/Sebastian Derungs, under Creative Commons license

Online storage company Dropbox has announced its financial results for the second quarter of this year, reporting revenues of $467 million, up 16% year-over-year, and a net loss of $17.5 million, compared to $21 million in the same period last year. Dropbox had 15 million paying users as of the end of the second quarter, compared to 13.6 million in the same period last year. The average revenue per paying user came at roughly $127, compared to $120 in the same period last year. Dropbox ended the quarter with $1.2 billion in cash and cash equivalents on its balance sheet.

Alongside its quarterly results, Dropbox also announced that its longtime Chief Financial Officer, Ajay Vashee, is stepping down effective on the 15th of September, 2020. He’s being replaced by Tim Regan, Dropbox’s current Chief Accounting Officer.