Dropbox introduced it’s shedding 528 individuals, or 20% of its workforce, CEO Drew Houston wrote in a staff memo printed on the corporate web site Wednesday.
“As CEO, I take full accountability for this determination and the circumstances that led to it, and I am actually sorry to these impacted by this modification,” Houston wrote, including that the corporate “over-invested,” and can now be “flatter” and “extra environment friendly.”
TechCrunch reports that Dropbox had the bottom development in its historical past in Q2, and in August, its shares yr thus far misplaced over 20% of its worth.
“This market is transferring quick, and traders 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 probably be made public quickly, and there will probably be company-wide “City Halls later this week to reply questions and talk about our plans in additional element,” the memo continued.
Associated: Apple Just Conducted a Rare Round of Layoffs. Here Are the Teams and Roles Affected.
Learn the total memo, here.
