Dropbox, a California technology company known for its file hosting services, announced that it has cut its global workforce by about 20 percent, or 528 employees, citing a decrease in demand and underperformance.
The San Francisco company made the announcement in an email from CEO Drew Houston to all employees, published on its blog on Oct. 30.
“We continue to see softening demand and macro headwinds in our core business,” Houston wrote.
External factors are only part of the story. Houston said that the company would be scaling back in areas where it had “over-invested” or had been “underperforming.”
In the email, Houston said that he took full responsibility for the layoffs, and that the company was creating a “flatter, more efficient” structure….