Dropbox announced it is laying off 315 employees, or 11% of the total workforce
Dropboxis laying off 315 employees, or 11% of its workforce, the company announced on Wednesday.
- "The steps we're taking today are painful, but necessary," CEO
Drew Houstonsaid in a statement.
- Dropbox announced its first profitable quarter in May 2020, driven in part by a increased online work during the coronavirus pandemic.
- Olivia Nottebohm will step down from her role as chief operating officer on February 5.
Dropbox is laying off 315 employees, or 11% of its workforce.
CEO Drew Houston said
Houston called the decision one of the toughest he's had to make in 14 years as CEO."To each of you who are affected, I am truly sorry," Houston said in a release. "The steps we're taking today are painful, but necessary."
The company also announced Olivia Nottebohm will step down from her role as chief operating officer on February 5. Dropbox hired Nottebohm, the former vice president of sales and operations at Google
Houston said the company will also scale back investments to support in-office workers after Dropbox announced it would allow all employees to work from home permanently.
Dropbox went public in 2018 as a $9.2 billion company, slightly lower than its private value estimate. The company is currently valued at $9.4 billion. Shares were down slightly during Wednesday trading after
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