“We’re making extra important cuts in areas the place we’re over-invested or underperforming whereas designing a flatter, extra environment friendly crew construction general,” writes Dropbox CEO Drew Houston in a weblog submit titled An replace from Drew. On the identical time, Houston mentions that the market is shifting in the direction of the place the corporate positioned its “greatest bets,” which incorporates Dropbox’s Dash AI search product.
For its second-quarter earnings this yr in August, Dropbox reported an increase of 63,000 paid users quarter over quarter, which is gentle in comparison with its whole 18 million-plus consumer base. As reported by TechCrunch, Q2 was Dropbox’s slowest development in firm historical past, and its shares misplaced greater than 20 p.c of their worth yr to this point in August.
Houston says Dropbox will say extra about its 2025 technique to develop its core enterprise and velocity up new merchandise within the coming days. Affected staff will get sixteen weeks of severance pay, fairness, bonus plan lump sums, payouts of permitted depart, and immigration session for these on work visas. Dropbox says many of the payouts will happen in fiscal This fall 2024.
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