Dropbox to reduce global workforce by 20% amid ‘softening demand’

“Today, our cofounder and CEO Drew Houston shared the difficult news that we’ll be making reductions to our global workforce. He sent the following email to all employees: I’m writing to let you all know that after careful consideration, we’ve decided to reduce our global workforce by approximately 20% or 528 Dropbox (DBX)ers. As CEO, I take full responsibility for this decision and the circumstances that led to it, and I’m truly sorry to those impacted by this change…We continue to see softening demand and macro headwinds in our core business. But external factors are only part of the story. We’ve heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down,” said the company, in part, In a letter to staff.