By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
TechziTechziTechzi
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Search
© 2023 Techzi . All Rights Reserved.
Reading: Dropbox Cuts Fifth of Workforce Amid Growth Struggles
Share
Font ResizerAa
TechziTechzi
Font ResizerAa
Search
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Have an existing account? Sign In
Follow US
© 2023 Techzi . All Rights Reserved.
SaaS

Dropbox Cuts Fifth of Workforce Amid Growth Struggles

Nicole Kristine Jovero
Last updated: November 5, 2024 11:56 pm
Nicole Kristine Jovero
Share
1 Min Read
SHARE
  • Dropbox slashes 528 jobs in major restructuring effort to combat slowing growth
  • Cloud storage giant struggles through lowest growth quarter ever at 1.9% YoY
  • Company doubles down on AI innovation despite significant workforce reduction

Contents
Another Round of CutsNumbers Tell the StoryAI Push Despite Downsizing

Another Round of Cuts

Dropbox announced a significant restructuring, eliminating 528 positions – 20% of its staff. CEO Drew Houston revealed the decision amid declining growth rates and fierce market competition.

The cloud storage giant expects to spend $63-68 million on severance packages and benefits, primarily distributed through Q4 2024.

Numbers Tell the Story

The company faces serious headwinds, reporting just 1.9% year-over-year growth to $634.5 million in Q2 – its lowest quarterly performance ever.

User acquisition has slowed dramatically, adding only 63,000 new users to its 18-million-strong base. Company shares dropped over 20% year-to-date through August.

AI Push Despite Downsizing

Despite the workforce reduction, Dropbox continues its aggressive push into AI technology. The company recently enhanced Dropbox Dash, its AI-powered organization tool, adding enterprise features and data controls.

Houston promises to outline the company’s 2025 strategy soon, suggesting a major pivot ahead.

TAGGED:div5

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook X Copy Link Print
Share
Previous Article Meesho Makes History: First Indian E-commerce Platform to Hit Positive Cash Flow
Next Article Singapore Universities Unite to Launch $37.8M Innovation Powerhouse

Subscribe to our newsletter to get our newest articles instantly

Please enable JavaScript in your browser to complete this form.
10 * 9 =

Stay Connected

XFollow
InstagramFollow
YoutubeSubscribe
TiktokFollow

Latest News

Techzi is Pausing
Media December 24, 2024
Twitch Pioneer Emmett Shear Launches Mysterious AI Venture
AI December 24, 2024
OpenAI CEO Labels Musk a ‘Bully’ in Latest Tech Titan Clash
AI December 24, 2024
AI Revolution Could Spark Live Entertainment Boom
Culture December 24, 2024

You Might also Like

Gaming

After Ambitious Gaming Push, ByteDance Begins Major Layoffs

February 12, 2024
Mobility

WeRide Hits Speed Bump on Road to US IPO

August 27, 2024
Hardware

iPhone’s Next Chapter Lies in the Refurbished Market

October 24, 2024
VC

Wavemaker Partners Surfs Investment Wave, Eyes $150M for Next Fund

February 23, 2024
Strategy

Ken Leaver Compares Startups and Agencies to Find Which One Attracts More Paying Customers

April 15, 2024
e-Commerce

Indian Beauty E-commerce Startup BuyEazzy Raises $4.2M Series A

February 12, 2024
FashionStartups

Colourette Paints a Pretty Picture: Philippine Beauty Startup Secures $2M Funding

July 12, 2024
FAANG

Amazon’s Bold Move: Slashing Management to Boost Efficiency

October 9, 2024
Space

Elon Musk Unveils SpaceX’s Impressive Starfactory and Massive Launchpad

July 1, 2024
AIDeep Tech

Top 6 Trending Tech in 2024: What You Need to Know!

April 30, 2024
AIStartups

Tech Titans: 4 Startups Revolutionizing Enterprise AI Oversight

December 11, 2024
MarketplaceSocial Media

Instagram Launches Marketplace in Eight New Countries

March 4, 2024

Techzi

SE Asian tech news: Free & Comprehensive. Read more

Quick Links

  • Logistics
  • Marketplace
  • Mobility
  • Startups
  • VC
  • Food tech
  • Gaming
  • Health-Tech
  • Media
  • Social Media
  • SaaS
  • Travel

Quick Links

  • AI
  • Edutech
  • Climate
  • Creators
  • Crypto & Web3
  • Culture
  • Deep Tech
  • e-Commerce
  • FAANG
  • Fashion
  • Fintech

Techzi Tech Newsletter

FREE and Curated by Tech Insiders

Legal

Privacy Policy

Terms & conditions

TechziTechzi
Follow US
© 2024 Techzi . All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?