Dropbox introduced it’s shedding 528 individuals, or 20% of its workforce, CEO Drew Houston wrote in a workers memo printed on the corporate web site Wednesday.
“As CEO, I take full accountability for this determination and the circumstances that led to it, and I am really sorry to these impacted by this transformation,” Houston wrote, including that the corporate “over-invested,” and can now be “flatter” and “extra environment friendly.”
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TechCrunch studies that Dropbox had the bottom development in its historical past in Q2, and in August, its shares yr to this point misplaced over 20% of its worth.
“This market is shifting quick, and traders are pouring tons of of hundreds of thousands of {dollars} into this area,” Houston wrote. “This each validates the chance we have been pursuing and underscores the necessity for much more urgency, much more aggressive funding, and decisive motion.”
Extra particulars on the layoffs and “high-level adjustments” will probably be made public quickly, and there will probably be company-wide “City Halls later this week to reply questions and focus on our plans in additional element,” the memo continued.
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