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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Dropbox, Inc.    DBX

DROPBOX, INC.

(DBX)
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Dropbox : to layoff 11% of workforce, COO to step down

01/13/2021 | 10:15am EST
Illustration photo of the Dropbox app

(Reuters) - Dropbox Inc on Wednesday announced the exit of operations chief and said it will cut 11% of its global workforce, or 315 people, as the file hosting service provider shifts business resources in the wake of the COVID-19 pandemic.

Shares fell nearly 6% to $22.26 after Dropbox said Chief Operating Officer Olivia Nottebohm, who joined last year from Alphabet Inc's Google, will step down on Feb. 5. (https://bit.ly/38CVySi)

Dropbox did not provide details of a replacement for the COO.

"Our Virtual First policy means we require fewer resources to support our in-office environment, so we're scaling back that investment and redeploying those resources to drive our ambitious product roadmap," Chief Executive Officer Drew Houston said in a letter to employees on Wednesday.

The San Francisco-based company had said in October that remote work due to the COVID-19 pandemic will be a primary experience for its employees and its physical spaces will no longer be for daily individual work. (https://bit.ly/3qkrWz0)

(Reporting by Chavi Mehta and Akanksha Rana in Bengaluru; Editing by Arun Koyyur)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.45% 1892.56 Delayed Quote.7.98%
DROPBOX, INC. 1.00% 22.16 Delayed Quote.-0.14%
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More news
Financials (USD)
Sales 2020 1 908 M - -
Net income 2020 77,5 M - -
Net cash 2020 279 M - -
P/E ratio 2020 80,9x
Yield 2020 -
Capitalization 9 166 M 9 166 M -
EV / Sales 2020 4,66x
EV / Sales 2021 4,03x
Nbr of Employees 2 801
Free-Float 74,9%
Chart DROPBOX, INC.
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Dropbox, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends DROPBOX, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 27,00 $
Last Close Price 22,16 $
Spread / Highest target 67,0%
Spread / Average Target 21,8%
Spread / Lowest Target -32,3%
EPS Revisions
Managers and Directors
NameTitle
Andrew W. Houston Chairman & Chief Executive Officer
Timothy Young President
Olivia Nottebohm Chief Operating Officer
Timothy J. Regan Chief Financial & Accounting Officer
Condoleezza Rice Lead Independent Non-Executive Director
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