Dropbox introduced it’s shedding 528 folks, or 20% of its workforce, CEO Drew Houston wrote in a employees memo printed on the corporate web site Wednesday.
“As CEO, I take full accountability for this resolution and the circumstances that led to it, and I am really sorry to these impacted by this variation,” Houston wrote, including that the corporate “over-invested,” and can now be “flatter” and “extra environment friendly.”
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TechCrunch stories 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 transferring quick, and buyers are pouring a whole bunch of thousands and 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 likely be made public quickly, and there will likely be company-wide “City Halls later this week to reply questions and talk about our plans in additional element,” the memo continued.
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