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Olivia Nottebohm

Kimberly Redmond | Equities.com |

Dropbox plans to lay off 11% of its workforce, a reduction that the cloud-based file sharing service said was "painful, but necessary" in order to stay afloat during the ongoing COVID-19 pandemic.

In a message shared on Dropbox’s website on Wednesday, CEO Drew Houston said the decision – which will impact about 315 employees – is one of the toughest he’s had to make in 14 years at the helm of the company.

Houston noted that the layoffs were partially prompted by the company’s virtual work policy that was implemented in October 2020 that allows all employees to work from home permanently.