On Thursday, Dropbox Inc (DBX.O) announced that it would reduce its global workforce by 16% to optimize costs in response to slower cloud growth. Despite this measure, the company plans to continue investing heavily in new talent and further develop AI offerings.
The renowned San Francisco, California-based tech company Dropbox is the latest to adopt AI technology. As more big tech players like Microsoft Corporation and Facebook’s parent Meta Platforms Inc push their way into the lucrative market, they are releasing increasing amounts of products and services. Dropbox is at the forefront of this cutting-edge trend.
Dropbox’s CEO, Drew Houston, has noted that the company’s primary cloud business growth is slowing due to difficulties arising from economic conditions. This has led some of the organization’s formerly successful investments to become unsustainable.
As of December 31, 2022, the company reported 3,118 full-time employees worldwide, with over two-thirds being based in the U.S.
The company announced the reassignment of employees to focus more on their AI projects. In order to properly execute these projects, they require different talents with unique skill sets in both AI and early-stage product development. The shifting of roles will help them meet that demand.
“We’ve been bringing in great talent in these areas over the last couple years and we’ll need even more. 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.” Houston said.
