Dropbox has announced it is cutting some 315 jobs, or roughly 11% of its global workforce.

In an 8K filing, Dropbox announced its plans to reduce its global workforce, citing “the next stage of growth “ as a motivating factor.

In a email to employees, CEO Drew Houston explained the decision:

Over the past year, we’ve talked a lot about the importance of running a tight ship and getting the company ready for the next stage of growth. This will require relentless focus on initiatives that align tightly with our strategic priorities, and having the discipline to pull back from those that don’t.

Unfortunately, this means that we’re reducing the size of some of our teams. I realize this is incredibly hard on the Dropboxers and their families who are impacted, and I take full responsibility for this decision. This is one of the toughest decisions I’ve had to make in my 14 years as CEO.

To each of you who are affected, I am truly sorry. Please know that this is not a reflection on you. You’ve played an important part in the Dropbox story, and I will always be grateful for everything that you’ve done for this company.

Dropbox has been an outspoken proponent of a remote workforce, transitioning to a “virtual first” workflow. The company has even released resources aimed at helping other companies do the same.

It may seem somewhat strange for a virtual first company, especially one whose products and services are widely used and ideally suited to thriving in a pandemic, to be taking this step. At the same time, Steve Jobs was famously a proponent of knowing when to say “no.”

It appears that principle is one Drew Houston is endorsing, in his efforts to keep Dropbox focused on its core business.