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How will Dropbox's stock perform relative to the tech sector by Q1 2025?
3
Resolution / Starting Odds
Outperforms the tech sector • 25%
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Story
Dropbox to Cut 20% of Workforce, Eliminating 528 Jobs Amid Shift from FSS Business
Oct 30, 2024, 01:30 PM
On October 30, 2024, Dropbox announced plans to reduce its global workforce by 20%, resulting in the elimination of approximately 528 roles. CEO Drew Houston stated that the company is entering a significant transition period as it shifts focus from its mature Financial Shared Services (FSS) business to new growth initiatives amid growth challenges. The layoffs are part of efforts to make the business more efficient. The company anticipates incurring cash expenditures of $63 million to $68 million and severance-related costs of $47 million to $52 million. Despite the workforce reduction, Dropbox expects its third-quarter results to be in line with or above its prior guidance.
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