Drew Houston, Dropbox Co-Founder and CEO, speaking at CNBC's @Work conference in San Francisco on November 4, 2019.
Dropbox is laying off 20% of its global workforce, the equivalent of 528 roles, CEO Drew Houston announced Wednesday in a note to staff.
The company is in a "transitional period" as its file sync and share business and its Dash artificial-intelligence search feature mature, Houston wrote.
Dropbox will be making cuts to the parts of its business where the company is "over-invested or underperforming" while working toward a "flatter, more efficient" team structure, Houston wrote.
"We continue to see softening demand and macro headwinds in our core business," Houston wrote.
Persons:
Drew Houston, Dropbox, Houston, We've
Organizations:
Big Tech
Locations:
San Francisco