https://www.cnbc.com/2021/01/13/dropbox-to-cut-11percent-of-its-global-workforce.html

Skip Navigation
logo
logo
Markets

  * Pre-Markets
  * U.S. Markets
  * Currencies
  * Cryptocurrency
  * Futures & Commodities
  * Bonds
  * Funds & ETFs

Business

  * Economy
  * Finance
  * Health & Science
  * Media
  * Real Estate
  * Energy
  * Transportation
  * Industrials
  * Retail
  * Wealth
  * Life
  * Small Business

Investing

  * Invest In You
  * Personal Finance
  * Fintech
  * Financial Advisors
  * Trading Nation
  * Options Action
  * ETF Street
  * Buffett Archive
  * Earnings
  * Trader Talk

Tech

  * Cybersecurity
  * Enterprise
  * Internet
  * Media
  * Mobile
  * Social Media
  * Venture Capital
  * Tech Guide

Politics

  * White House
  * Policy
  * Defense
  * Congress
  * 2020 Elections

CNBC TV

  * Live TV
  * Live Audio
  * Business Day Shows
  * The News with Shepard Smith
  * Entertainment Shows
  * Full Episodes
  * Latest Video
  * Top Video
  * CEO Interviews
  * CNBC Documentaries
  * CNBC Podcasts
  * CNBC World
  * Digital Originals
  * Live TV Schedule

Watchlist

PRO

  * PRO News
  * PRO Live
  * Subscribe
  * Sign In

Menu

  * Make It
  * Select

  * USA
  * INTL

Search quotes, news & videos
SIGN IN
logo
Markets

  * Pre-Markets
  * U.S. Markets
  * Currencies
  * Cryptocurrency
  * Futures & Commodities
  * Bonds
  * Funds & ETFs

Business

  * Economy
  * Finance
  * Health & Science
  * Media
  * Real Estate
  * Energy
  * Transportation
  * Industrials
  * Retail
  * Wealth
  * Life
  * Small Business

Investing

  * Invest In You
  * Personal Finance
  * Fintech
  * Financial Advisors
  * Trading Nation
  * Options Action
  * ETF Street
  * Buffett Archive
  * Earnings
  * Trader Talk

Tech

  * Cybersecurity
  * Enterprise
  * Internet
  * Media
  * Mobile
  * Social Media
  * Venture Capital
  * Tech Guide

Politics

  * White House
  * Policy
  * Defense
  * Congress
  * 2020 Elections

CNBC TV

  * Live TV
  * Live Audio
  * Business Day Shows
  * The News with Shepard Smith
  * Entertainment Shows
  * Full Episodes
  * Latest Video
  * Top Video
  * CEO Interviews
  * CNBC Documentaries
  * CNBC Podcasts
  * CNBC World
  * Digital Originals
  * Live TV Schedule

Watchlist

PRO

  * PRO News
  * PRO Live
  * Subscribe
  * Sign In

Menu
Tech

Dropbox to cut 11% of its global workforce

Published Wed, Jan 13 20219:21 AM ESTUpdated Wed, Jan 13 202111:58 AM
EST
Jessica Bursztynsky@jbursz
ShareShare Article via FacebookShare Article via TwitterShare Article
via LinkedInShare Article via Email
Key Points

  * Dropbox is cutting its global workforce by about 11%, the company
    said in an 8K filing released Wednesday.
  * The company also announced that Chief Operating Officer Olivia
    Nottebohm will leave Dropbox on Feb. 5.

Dropbox Inc. co-founder Drew Houston waits as Dropbox (DBX) is listed
for the company's initial public offering (IPO) at the Nasdaq Market
Site in New York, U.S., March 23, 2018.
Lucas Jackson | Reuters

Dropbox is cutting its global workforce by about 11%, the company
said in an 8K filing released Wednesday. The company's stock was down
more than 4.5% in late-morning trading.

The move will affect 315 people, who will be notified by the end of
the business day.

"The steps we're taking today are painful, but necessary," Dropbox
CEO Drew Houston said in an employee memo Wednesday. Dropbox
committed to preserve job security through 2020, but Houston said
that looking ahead to this year "it's clear that we need to make
changes in order to create a healthy and thriving business for the
future."

The company said the job cuts will help it focus on its top
priorities for the year, which include evolving the core Dropbox
experience, investing in new products and driving operational
excellence.

Dropbox in October shifted to a standard remote work policy, which
will be in place even after the Covid-19 pandemic ends. For employees
who need to meet or work together in person, the company said it will
open "Dropbox Studios" in San Francisco, Seattle, Austin, Texas, and
Dublin when it's safe to do so.

"Our recent decisions regarding our new leadership structure and
remote work policy have set us on the right path, and now we need to
make sure our teams and investments also line up. For example, our
Virtual First policy means we require fewer resources to support our
in-office environment, so we're scaling back that investment and
redeploying those resources to drive our ambitious product roadmap,"
Houston said.

Dropbox also announced Chief Operating Officer Olivia Nottebohm will
leave the company Feb. 5.

Subscribe to CNBC on YouTube.

Related Tags

  * San Francisco
  * Dropbox Inc
  * Technology
  * Breaking News: Technology

logo

  *  
    Subscribe to CNBC PRO
  *  
    Licensing & Reprints
  *  
    CNBC Councils
  *  
    Supply Chain Values
  *  
    CNBC on Peacock
  *  
    Advertise With Us
  *  
    Join the CNBC Panel
  *  
    Digital Products
  *  
    News Releases
  *  
    Closed Captioning
  *  
    Corrections
  *  
    About CNBC
  *  
    Internships
  *  
    Site Map
  *  
    Podcasts
  *  
    Ad Choices
  *  
    Careers
  *  
    Help
  *  
    Contact

  *  
  *  
  *  
  *  
  *  
  *  
  *  

News Tips

Got a confidential news tip? We want to hear from you.

Get In Touch

CNBC Newsletters

Sign up for free newsletters and get more CNBC delivered to your
inbox

Sign Up Now

Get this delivered to your inbox, and more info about our products
and services. 

Privacy Policy|Do Not Sell My Personal Information|CA Notice|Terms of
Service

(c) 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes.
Global Business and Financial News, Stock Quotes, and Market Data and
Analysis.

Market Data Terms of Use and Disclaimers

Data also provided by Reuters

comscore