Dropbox to lay off 500 employees, or about 16% of its workforce

▤ Summary

Dropbox CEO Drew Houston wrote in the blog post that the company has been reckoning with slowing growth, in part due to a maturation of its business, but also as a result of economic headwinds that are pressuring its customers. Houston said that the company is also facing an urgency to focus more on artificial intelligence-powered products, and doing so will require hiring workers with different skill sets. "In an ideal world, wed simply shift people from one team to another," Houston wrote. However, our next stage of growth requires a different mix of skill sets, particularly in AI and early-stage product development. Dropbox plans to host internal town halls tomorrow and next week to answer employee questions.

▦ Linked Companies

Dropbox

$500M to $1B