Dropbox ( (DBX) ) has shared an update.
Dropbox is cutting 20% of its global workforce to streamline operations and align with its growth and profitability goals. The company plans to spend $63-$68 million on severance and related costs, with most expenses recognized by the end of 2024. CEO Drew Houston cites organizational complexity and market demand as driving factors, while emphasizing a focus on new products like Dash to bolster future growth. Support for affected employees includes severance, healthcare, and job placement services.
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