"Maintaining our current structure and investment levels is no longer sustainable," Dropbox CEO Drew Houston wrote in a letter announcing the layoffs. "We continue to see softening demand and macro headwinds in our core business. But external factors are only part of the story. We've heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down."
Layoffs.fyi says that in 2024 so far, 484 tech companies laid off 142,532 employees, while in 2023 that number was 1,193 tech companies that laid off 264,220 workers.
It should be noted, however, that while layoffs are always devastating to those impacted and job cuts from big-name companies usually make the headlines, tech layoffs in 2024 are actually down from 2023, according to the data.
Dropbox, the cloud storage giant, initiated one of the largest layoffs for October. As Fast Company previously reported, Dropbox announced on Wednesday that it would lay off 20% of its workforce-or 528 individuals.
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