It has been even more than 500 excess employees. 300 were laid off in January 2021, and another 500 in April 2023. The percentages imply that headcount bounced around from 2800 down to 2500, up to 3100, down to 2500, up to 2600, and now down to 2100.

These same macroeconomic headwinds have existed for some time now, and the fundamentals of Dropbox’s core business commoditization haven’t changed for the better.