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Dropbox (DBX.US) plans to reduce its global workforce by 20%, involving 528 positions.
Dropbox (DBX.US) CEO Drew Houston announced to employees on Wednesday that the company will reduce its global workforce by 20%, equivalent to 528 positions. Houston stated that Dropbox will cut business units that have been overinvested or underperforming, while striving to build a more efficient team structure.
Monness Maintains Dropbox(DBX.US) With Hold Rating
Dropbox will lay off 20% of its workforce globally.
On October 30, Gronghui | Dropbox disclosed in regulatory documents that it will cut 20% of its workforce globally. The company expects total cash outlays related to the layoffs to be between $6.3 million and $6.8 million, with related severance, benefits, and costs to increase by $47 million to $52 million. The company stated that it expects to recognize most of the increase expenses and pay most of the cash in the fourth quarter of 2024. The company expects third-quarter performance to meet or exceed expectations.
Dropbox Plans Reduction of Its Global Workforce by Approximately 20%
Dropbox Sees Q3 Financial Results In-Line With Or Above Guiance Ranges For Revenue, Constant Currency Revenue, And Non-GAAP Operating Margin