9/24/2023 0 Comments Dropbox jobsThe latter unit, which Dropbox built partly through startup acquisitions, provides software that eases tasks such as drafting sales agreements. “We’ve been bringing in great talent in these areas over the last couple years and we’ll need even more.”Īs part of the initiative, the company is reorganizing its file sharing and document management businesses. “Our next stage of growth requires a different mix of skill sets, particularly in AI and early-stage product development,” Houston detailed. To support the effort, the company is adjusting its development teams. This year, Houston hinted, the company plans to extend its cloud platform with new AI capabilities. The other driving factor behind the workforce reduction is Dropbox’s growing focus on artificial intelligence. “Some investments that used to deliver positive returns are no longer sustainable,” Houston wrote in the memo. The same time 12 months earlier, the company posted 12.7% year-over-year growth. “Part of this is due to the natural maturation of our existing businesses, but more recently, headwinds from the economic downturn have put pressure on our customers and, in turn, on our business.”ĭropbox’s revenue reached $598.8 million in the fourth quarter after growing 5.9% on a year-over-year basis. “While our business is profitable, our growth has been slowing,” Houston wrote to employees. The first factor cited by the CEO is the company’s slowing revenue growth. In an internal memo, Dropbox Chief Executive Officer Drew Houston wrote that there are two main drivers behind the workforce reduction. The company also plans to accelerate stock vesting for the affected employees, as well as offer access to free job placement and career coaching services. Additionally, Dropbox will continue to provide health insurance for six months. today announced plans to let go 500 employees, or about 16% of its workforce.Īffected employees will receive 16 weeks of severance pay and one more week of pay for every year they worked at the company. Cloud-based file sharing provider Dropbox Inc.
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