DBX - Dropbox to cut global workforce by 16%

2023-04-27 09:36:25 ET

• Dropbox ( NASDAQ: DBX ) said it plans to reduce its global workforce by about 16% as it streamlines its team structure.
• Dropbox ( DBX ) expects to incur charges of $37 million to $42 million in connection with the job reductions, according to an 8-K filing. The charge relates to cash expenditures for severance payments, employee benefits and related costs.
• The majority of the charges will be incurred in Q2 and "substantially" all of the charges will be incurred by the end of the year.
• Dropbox ( DBX ) also announced that Q1 results will be "in-line" or above its guidance ranges for revenue, constant currency revenue, and non-GAAP operating margin, given on Feb. 16.
• Dropbox ( DBX ) is scheduled to report Q1 results next Thursday.

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