Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Dropbox rises 5% on plans to cut 16% workforce

Published 04/27/2023, 09:19 AM
Updated 04/27/2023, 09:26 AM
© Reuters.  Dropbox (DBX) rises 5% on plans to cut 16% workforce
DBX
-

Shares of Dropbox (NASDAQ:DBX) are trading about 5% higher today after the company said it plans to slash its global workforce by approximately 16%.

The decision has been made in order to “streamline the company’s team structure to support its long-term growth and profitability objectives.”

Savings will be reinvested “into future growth initiatives” while the company plans to continue to hiring for roles critical to those initiatives. The restructuring plan will result in $37 million to $41M charges with the majority of these charges incurred in Q2.

Moreover, Dropbox said it expects its Q1 results “to be in-line or above its guidance ranges.” The company is due to report its final Q1 results on May 04.

Shares are down 6.7% year-to-date.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.