Dropbox rises 5% on plans to cut 16% workforce By Investing.com

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Dropbox rises 5% on plans to cut 16% workforce

Published Apr 27, 2023 09:19AM ET Updated Apr 27, 2023 09:26AM ET

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Dropbox rises 5% on plans to cut 16% workforce

DBX

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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.

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