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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.
Learn more about DBX stock on TipRanks’ Stock Analysis page.
