Dropbox to cut 16% jobs, hire for AI-powered products

Cloud storage provider Dropbox said it would reduce its global workforce by 16 percent to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings.
Dropbox storageSan Francisco, California-based Dropbox had 3,118 full-time employees, of which 2,583 were located in the United States.

The company said it had shifted some employees from one team to another to focus on its AI projects, but would need more talent with a different mix of skill sets, particularly in AI and early-stage product development.

Dropbox’s chief executive officer, Drew Houston, in a blog post said the company’s core cloud business growth was slowing as challenges from the economic downturn put pressure on customers, making some of its profitable investments no longer sustainable.

“We’ve been bringing in great talent in these areas over the last couple years and we’ll need even more,” Houston said in a memo to staff.

“The AI era of computing has finally arrived … The opportunity in front of us is greater than ever, but so is our need to act with urgency to seize it.”

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