Dropbox (DBX) came out with quarterly earnings of $0.60 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.56 per share a year ago.
A number of big-name tech companies continued to make job cuts in the month that just ended. October saw job losses in the thousands at some of the industry's biggest players, according to job site layoff tracker Layoffs.fyi.
Dropbox is dropping a huge chunk of its head count.
Dropbox (DBX) stock price has been boring since the company went public in 2018. It has remained largely unchanged even as its annual revenue has risen gradually to over $2.5 billion.
Dropbox will lay off 20% of its global workforce, the equivalent of 528 roles, CEO Drew Houston announced Wednesday in a note to staff. Dropbox will be making cuts to the parts of its business where the company is "over-invested or underperforming" while working towards a "flatter, more efficient" team structure, Houston wrote.
Dropbox Inc.'s stock rose 3.9% Wednesday after the online-storage platform said it expects third-quarter earnings to meet or beat guidance for revenue and other metrics but also said it's cutting about 20% of its global workforce in an effort to streamline its structure.
Dropbox is letting go 20% of its workforce as the cloud company undergoes what CEO Drew Houston calls a “transitional period.”
The latest trading day saw Dropbox (DBX) settling at $25.79, representing a -1.86% change from its previous close.
In the most recent trading session, Dropbox (DBX) closed at $26.14, indicating a -0.49% shift from the previous trading day.
Dropbox (DBX) closed at $25.81 in the latest trading session, marking a +1.3% move from the prior day.
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In the closing of the recent trading day, Dropbox (DBX) stood at $25.05, denoting a -1.49% change from the preceding trading day.