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.
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.
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.
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