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Dropbox plans 9% workforce cut, technology chief to exit

By Reuters News

Oct 28 (Reuters) - File hosting service Dropbox DBX.O said on Wednesday it would cut its global workforce by about 9% to align investments with its top product and growth priorities, according to a regulatory filing.

Here are some more details:

  • The cloud storage company estimates the layoffs will cost $27 million to $33 million, primarily in severance and related costs

  • Dropbox expects to recognize most of the costs in the fourth quarter, with the remainder in 2027

  • As of December 31, the company had 2,113 full-time employees

  • Chief Technology Officer Ali Dasdan will also step down, effective November 18, the filing said

  • CEO and co-founder Andrew Houston stepped down in May, with insider Ashraf Alkarmi promoted to succeed him

  • Separately, Dropbox said it expects third-quarter results to be in line with or above its prior guidance for revenue and adjusted operating margin

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