Dropbox introduced it’s shedding 528 individuals, or 20% of its workforce, CEO Drew Houston wrote in a employees memo revealed on the corporate web site Wednesday.
“As CEO, I take full duty for this choice and the circumstances that led to it, and I am really sorry to these impacted by this modification,” Houston wrote, including that the corporate “over-invested,” and can now be “flatter” and “extra environment friendly.”
TechCrunch stories that Dropbox had the bottom progress 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 modifications” shall be made public quickly, and there shall be company-wide “City Halls later this week to reply questions and focus on our plans in additional element,” the memo continued.
Associated: Apple Simply Carried out a Uncommon Spherical of Layoffs. Right here Are the Groups and Roles Affected.
Learn the complete memo, right here.
