Dropbox rises amid workforce reduction
** Dropbox shares DBX.O rise 2.9% to $26.58 in morning trading
** Co disclosed in regulatory filing that it is reducing its workforce by 20% globally
** DBX estimates it will make total cash expenditures of about $63 mln to $68 mln related to workforce reduction
** Expects to recognize $47 mln to $52 mln of incremental expense on severance, benefits and costs related to cutting jobs
** DBX said it expects to recognize substantially all of the incremental expense and pay a majority of the cash related to these charges in Q4 2024
** Dropbox will recognize and pay the remainder of incremental expense in H1 2025
** Co expects Q3 results in line or above its forecast
** Including session's move, stock had fallen 9.8% YTD
Reporting by Rishi Kant in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
