Dropbox cuts its workforce by 20 percent in latest round of layoffs
Dropbox is laying off 528 people amid slowing growth for its core cloud storage business. The company is making significant cuts in areas where it is over-invested or underperforming while designing a flatter, more efficient team structure overall. Affected employees will receive sixteen weeks of severance pay, equity, bonus plan lump sums, payouts of approved leave, and immigration consultation for those on work visas. Dropbox reported an increase of 63,000 paid users quarter over quarter for its second-quarter earnings this year, light compared to its total 18 million-plus user base.