The company’s shares fell 3.5% after the announcement.
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Dropbox statedthat will lay off 11% of employees. The changes will affect 315 people who will be notified by the end of the working day.
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“The steps we are taking today are painful but necessary,” said Dropbox CEO Drew Houston. The company’s shares fell 3.5% after the announcement.
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By data Fortune, the company employs 2,851 people. Dropbox has pledged to keep jobs by the end of 2020, but Houston said the company must now make changes to “build a healthy and thriving business.” writes CNBC.
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The job cuts will help the company focus on its top priorities for 2021, which include developing Dropbox core products, investing in new products, and improving efficiency.
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In October 2020, Dropbox forever translated remote employees, and company offices became meeting places. Houston said the company now needs fewer resources to support its offices, so Dropbox is cutting and reallocating resources.
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