Dropbox introduced it’s shedding 528 individuals, or 20% of its workforce, CEO Drew Houston wrote in a employees memo revealed 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 alteration,” Houston wrote, including that the corporate “over-invested,” and can now be “flatter” and “extra environment friendly.”
TechCrunch experiences that Dropbox had the bottom development in its historical past in Q2, and in August, its shares 12 months thus far misplaced over 20% of its worth.
“This market is transferring quick, and traders are pouring a whole bunch of hundreds of 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” can be made public quickly, and there can be company-wide “City Halls later this week to reply questions and focus on our plans in additional element,” the memo continued.
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Learn the complete memo, right here.