Dropbox fires 20% staff; 528 people impacted: report
Dropbox, a cloud company offering cloud storage and client software facilities, announced the layoff of 20% of its workforce impacting a total of 528 people.
In a letter to staff, the cloud company’s CEO Drew Houston said that the company is going through a significant transition as it shifts from a mature Financial Shared Services (FSS) business to focus on future growth with new products like Dash.
“And while I'm proud of the progress we’ve made in the last couple of years in some parts of the business, we’re still not delivering at the level our customers deserve or performing in line with industry peers. So, we're making more significant cuts in areas where we're over-invested or underperforming while designing a flatter, more efficient team structure overall,” Houston wrote.
In a similar move the previous year in April, it reduced its global workforce by 16% to cut costs amid slowing cloud growth and instead hired new talent to build its AI offerings.
The company recently announced its fiscal 2024 Q2 results, in which the total revenue was $634.5 million, an increase of 1.9% from the same period last year.
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