Dropbox plans 9% workforce cut, technology chief to exit

Oct 28 (Reuters) - ‌File hosting ​service ​Dropbox said on Wednesday it would cut its global workforce ‌by about 9% to align investments ⁠with its top product and growth ‌priorities, according to a ‌regulatory filing.

Here are some more details:

• The cloud storage company estimates ​the layoffs will cost $27 million to $33 million, primarily in severance ⁠and related costs

• Dropbox expects to recognize most ​of the costs in the fourth quarter, with the remainder in ​2027

• As of ‌December 31, the company had 2,113 full-time employees

• Chief ⁠Technology Officer Ali Dasdan will also step down, effective November 18, the ⁠filing said

• CEO and co-founder Andrew Houston ​stepped down in May, with insider Ashraf Alkarmi promoted to succeed him

• Separately, Dropbox ‌said it expects third-quarter results to be in line ‌with or above its prior ⁠guidance for revenue ‌and adjusted ​operating margin

(Reporting by Anhata Rooprai in Bengaluru; Editing by Tasim ‌Zahid)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Explainer-What's at stake for Trump in Israel's deadlocked election?
• For Israel's Arabs, record turnout may bring political clout
• US gets more countries to oppose UN resolution condemning its Cuba embargo