Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images
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.