Skip to main content

Tech Company Dropbox Slashes 16% Of Workforce Amid "Slowing Cloud Growth"

Cloud storage provider Dropbox Inc said on Thursday it would reduce its global workforce by 16% to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings.

San Francisco, California-based Dropbox is the latest tech company to tap AI as Big Tech players from Microsoft Corp to Facebook-parent Meta Platforms Inc battle for a slice of the fast-growing market with new products and offerings.

Dropbox's chief executive officer, Drew Houston, 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.

At the end of 2022, the company 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.

"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."

Houston is also on the board of Meta Platforms, which said on Wednesday AI was helping it boost traffic to Facebook and Instagram and earn more in ad sales.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



from NDTV News-World-news https://ift.tt/Ae7IhVd

Comments

Post a Comment

Popular posts from this blog

Sri Lanka Must Achieve Debt Restructuring By September: IMF

The International Monetary Fund on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the cash-strapped nation. On March 20, IMF extended a nearly $3 billion bailout facility to debt-ridden Sri Lanka that would help stabilise the country's economy after it was jolted by a devastating economic crisis last year. In a statement issued on Tuesday at the end of a nearly two weeks staff visit to Colombo to assess the progress made by Sri Lanka since the agreement was reached, the IMF said the two sides had discussed the developments on debt restructuring. "Sri Lanka must achieve debt restructuring by its first review due in September. We also discussed progress on debt restructuring, noting the ongoing discussions with both foreign and domestic creditors," the statement read. Sri Lanka is still struggling to normalise its crisis-hi...
Post a Comment
Read more

Amazon Rainforest Tribe's Secret To Healthy Life And Slow Ageing Revealed

Deep in the Amazon rainforest, a semi-nomadic indigenous community is thriving. This community defies conventional norms on ageing and health. The Tsimanes, consisting of 16,000 people, live a fully subsistence lifestyle, relying on hunting, foraging and farming to survive. Scientists have been studying this unique group for two decades, and have uncovered remarkable findings till now. Martina Canchi Nate, an 84-year-old Tsimanes woman, digs up yucca trees, cuts down plantain trees and carries heavy loads with ease, faster than her younger companions, as per a BBC report. This level of physical activity is not unusual among Tsimanes of her age. Researchers have discovered that this group has the healthiest arteries ever studied and brains that age more slowly than those in North America, Europe and elsewhere. The Tsimanes' secret lies in their active lifestyle, with an average of 16,000 to 17,000 steps per day. They spend less than 10 percent of daylight hours in sedentary activ...
Post a Comment
Read more

Biden Warns "All Out War" Possible In Middle East

US President Joe Biden warned Wednesday of the possibility of an "all-out war" in the Middle East but said he was hopeful a settlement was still achievable for the conflict-torn region. Biden's comments as he appeared on ABC chat show "The View" came as Israel put troops on alert for possible entry into Lebanon and the war in Gaza grinds on. "An all-out war is possible," Biden said when asked about the situation. "What I think is, also, the opportunity is still in play to have a settlement that could fundamentally change the whole region." Biden appeared to raise the possibility of a ceasefire in Lebanon, where Israeli strikes targeting the Hezbollah militia have killed more than 600 people this week. "They have a possibility -- I don't want to exaggerate it -- there's a possibility if we can deal with a ceasefire in Lebanon that it can move into dealing with the West Bank as well," said Biden. Israel has been carrying ...
Post a Comment
Read more