Dropbox to Cut 20% of Workforce, Affecting 528 Employees Amid Strategic Shift

Oct 30, 2024, 02:26 PM

Dropbox has announced plans to lay off 20% of its global workforce, impacting approximately 528 employees, as it undergoes a transitional period. CEO Drew Houston stated that the layoffs aim to make the business more efficient amid slowing growth in its core cloud storage services. The company is shifting from a mature Financial Shared Services (FSS) business to focus on future growth opportunities. The layoffs will result in $63 million to $68 million in cash expenditures and $47 million to $52 million in severance-related costs.