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.
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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.
