Dropbox to shed another 500 staff, CEO takes 'full responsibility'

Cloudy concern has also spent over $500M buying back its own shares amid multiple rounds of layoffs

Cloudy file-shifter Dropbox has axed about 20 percent of its staff, its second round of layoffs in less than two years.

CEO Drew Houston said some parts of the business are, but cuts were needed where the company had over-invested or underperformed. In all, 528 staff will be let go.

"As CEO, I take full responsibility for this decision and the circumstances that led to it, and I’m truly sorry to those impacted by this change," wrote Houston, who is keeping his job.

"I know this is incredibly difficult and unwelcome news. To everyone leaving Dropbox, I’m deeply grateful for everything you've done for our company and our customers."

The biz expects the layoffs to cost around $63-$68 million, since staff will get a minimum of 16 weeks' pay ...