Dropbox to lay off 500 employees, or about 16% of its workforce
Publishing timestamp: 2023-04-27 11:45:34
Summary
Dropbox is laying off 500 employees, or about 16% of its workforce, due to slowing growth and the need to focus more on artificial intelligence-powered products, which requires hiring workers with different skill sets. Impacted employees will receive job placement services, career coaching, and severance pay. The layoffs are part of a broader company consolidation and internal team restructuring.
Sentiment: NEGATIVE
Tickers: DBX,
Keywords: personnel, houston, dropbox inc, technology, internet, labor economy, business news,
Source: https://www.cnbc.com/2023/04/27/dropbox-layoffs-company-to-cut-500-employees.html