Dropbox hit with $175 million real estate loss for 2022 as San Francisco office space sits empty
Publishing timestamp: 2023-02-16 21:13:27
Summary
Dropbox recorded a real estate impairment of $162.5 million in the fourth quarter of 2020, bringing the total markdown for the year to $175.2 million. This was due to the Covid pandemic and market downturn, as well as the tech industry's shift to remote work. Other major U.S. companies such as Salesforce, Airbnb, Uber, Zendesk, and Yelp have also taken real estate impairments in the San Francisco area. Dropbox has been actively searching for subleases, but has revised its assumptions due to the current market conditions.
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Keywords: business news, technology, uber technologies inc, breaking news: earnings, airbnb inc, salesforce inc, enterprise, breaking news: technology, earnings, real estate, dropbox inc, yelp inc, business,