Dropbox (NASDAQ:DBX) layoffs were announced by the company’s CEO this morning and DBX stock investors will want to know more about the changes.
Here’s everything investors in DBX stock need to know about the Dropbox layoffs.
- The company is laying off a total of 315 employees, or 11% of its workforce.
- Dropbox CEO Drew Houston says that these layoffs aren’t a reflection of employee’s abilities.
- Instead, these layoffs come as the company seeks to better focus on its growth plans in 2021.
- The company is targeting evolving Dropbox, investing in new products, and driving operational excellence during the current year.
- The company is alerting employees about the layoffs today and their final day of work will be on Thursday.
- Employees will still receive benefits after leaving the company.
- That includes job placement assistance, pay for up to three months, bonuses, and more.
- These benefits will vary depending on the regions that employees work in.
- Dropbox notes that part of the reason behind the layoffs is its focus on its Virtual First policy.
- The company says that remote work has taken precedent and that means it needs less staff to run in-office operations.
- To go along with the layoff news, DBX also says that COO Olivia Nottebohm will be leaving the company.
- Dropbox doesn’t give a reason for her departure but points out that her last day is on Feb. 5.
DBX stock was down 4.9% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.