Dropbox rises amid workforce reduction
30/10/2024 13:53
** 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)
((Rishi.Kant@thomsonreuters.com))