Connect with us

Hi, what are you looking for?

Investing

Dropbox slashes 20% of global workforce, eliminating more than 500 roles

Dropbox is laying off 20% of its global workforce, the equivalent of 528 roles, CEO Drew Houston announced Wednesday in a note to staff.

The company is in a “transitional period” as its file sync and share business and its Dash artificial-intelligence search feature mature, Houston wrote.

“Navigating this transition while maintaining our current structure and investment levels is no longer sustainable,” he said in his note.

The move follows a 16% cut to Dropbox’s workforce in April 2023, which affected 500 staffers. At the time, Houston wrote that the cuts were due to slowing growth, economic headwinds and the need to invest more resources and head count into the increasingly competitive AI race.

Dropbox will be making cuts to the parts of its business where the company is “over-invested or underperforming” while working toward a “flatter, more efficient” team structure, Houston wrote.

“We continue to see softening demand and macro headwinds in our core business,” Houston wrote. “But external factors are only part of the story. We’ve heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down.”

Affected employees will receive 16 weeks of pay, starting Wednesday, with one additional week of pay for each completed tenure year at the company.

This post appeared first on NBC NEWS

You May Also Like

Editor's Pick

AwesomeQA Revolutionizes Customer Support with $2.8M ICO Key Points AwesomeQA is launching a token sale with an ERC20 utility token, having already raised $2,800,000,...

Editor's Pick

Nio Secures Approval for Third Factory, Boosting EV Capacity Quick Look: Nio’s Expansion: Nio received approval for a third factory in China, aligning its...

Editor's Pick

Nifty goes to new all-time high again, German 40 recovers The Nifty index continues its bullish trend, climbing to a new all-time high this...

Editor's Pick

USDCAD and USDCNH: USDCAD remains stable above 1.36700 During this morning’s Asian trading session, USDCAD pulled back to the EMA200 moving average. Today, we...



Disclaimer: Techreportdiversity.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Techreportdiversity.com