What Is Going On With Dropbox (DBX) Stock Today - Dropbox (NASDAQ:DBX)

Dropbox, Inc 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.

What Is Going On With Dropbox Stock Today