Dropbox plans 9% workforce cut, technology chief to exit
The Dropbox app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White
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Oct 28 : File hosting service Dropbox said on Wednesday it would cut its global workforce by about 9 per cent to align investments with its top product and growth priorities, according to a regulatory filing.
Here are some more details:
• The cloud storage company estimates the layoffs will cost $27 million to $33 million, primarily in severance and related costs
• Dropbox expects to recognize most of the costs in the fourth quarter, with the remainder in 2027
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• As of December 31, the company had 2,113 full-time employees
• Chief Technology Officer Ali Dasdan will also step down, effective November 18, the filing said
• CEO and co-founder Andrew Houston stepped down in May, with insider Ashraf Alkarmi promoted to succeed him
• Separately, Dropbox said it expects third-quarter results to be in line with or above its prior guidance for revenue and adjusted operating margin
Source: Reuters
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