- Dropbox, Inc (NASDAQ:DBX) shares are trading lower Thursday since it disclosed its downsizing plans and expectations for the upcoming first quarter 2023 financial results.
- On April 27, 2023, Dropbox announced that it expects its Q1 results to be in-line or above its guidance ranges for revenue, constant currency revenue, and non-GAAP operating margin, previously provided in the investor supplement.
- On February 16, Dropbox shared the expected Q1 revenue of $600 million – $603 million (consensus $590.03 million) and FY23 revenue of $2.475 billion – $2.490 billion (consensus $2.44 billion).
- Dropbox also disclosed a reduction of its global workforce by approximately 16%, or 500 Dropboxers, to support its long-term growth and profitability objectives.
- Dropbox looks to book charges worth $37 million – $42 million in connection with the reduction in force likely to accrue in Q2.
- Price Action: DBX shares traded lower by 2.70% at $20.33 on the last check Thursday.
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