Dropbox introduced it’s shedding 528 individuals, or 20% of its workforce, CEO Drew Houston wrote in a workers memo revealed on the corporate web site Wednesday.
“As CEO, I take full duty for this choice and the circumstances that led to it, and I am actually sorry to these impacted by this variation,” Houston wrote, including that the corporate “over-invested,” and can now be “flatter” and “extra environment friendly.”
TechCrunch reviews that Dropbox had the bottom progress in its historical past in Q2, and in August, its shares yr to this point misplaced over 20% of its worth.
“This market is shifting quick, and buyers are pouring tons of of thousands and thousands of {dollars} into this house,” Houston wrote. “This each validates the chance we have been pursuing and underscores the necessity for much more urgency, much more aggressive funding, and decisive motion.”
Extra particulars on the layoffs and “high-level modifications” will likely be made public quickly, and there will likely be company-wide “City Halls later this week to reply questions and talk about our plans in additional element,” the memo continued.
Associated: Apple Simply Performed a Uncommon Spherical of Layoffs. Right here Are the Groups and Roles Affected.
Learn the total memo, right here.