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Dropbox lays off 20% of staff, says it overinvested and underperformed

Dropbox also laid off 500 last year but still had “excess layers of management.”…

Dropbox is laying off 528 employees in a move that will reduce its global workforce by 20 percent, CEO Drew Houston announced today. Houston said he is pleased by the early response to Dash for Business, but that the "market is moving fast and investors are pouring hundreds of millions of dollars into this space. With Dropbox's core business no longer growing at a significant rate, Houston said in the Q2 2024 earnings announcement that the company is "focused on solving our customers' biggest new pain points in securing, organizing and sharing their content, and are investing in our future bets for AI-powered universal search with Dropbox Dash."

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