Dropbox to cut 11% of its global workforce – CNBC

Dropbox is cutting its global workforce by about 11%, the company said in an 8K filing released Wednesday. The company’s stock was down more than 4.5% in late-morning trading.
The move will affect 315 people, who will be notified by the end of the business day.
“The steps we’re taking today are painful, but necessary,” Dropbox CEO Drew Houston said in an employee memo Wednesday. Dropbox committed to preserve job security through 2020, but Houston said that looking ahead to this year “it’s clear…

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