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Cloud storage company Dropbox said Wednesday it was cutting 315 jobs, or about 11% of its workforce.
Why it matters: While the tech industry has fared pretty well through the pandemic, those companies that cater to small and midsize businesses have seen their businesses take a hit as their customers are suffering.
What they're saying: "Last spring I made a commitment to all of you to preserve job security through 2020, and it was important to me that we honored that promise," CEO Drew Houston said in a memo to staff. "But looking ahead at 2021 and beyond, it’s clear that we need to make changes in order to create a healthy and thriving business for the future."
- Dropbox also announced that Chief Operating Officer Olivia Nottebohm is stepping down.