Company to cut 10% of workforce

Celebrity Gig


The Docusign Inc. website on a laptop computer arranged in Dobbs Ferry, New York, U.S., on Thursday, April 1, 2021.

Tiffany Hagler-Geard | Bloomberg | Getty Images

E-signature software company DocuSign on Thursday announced plans to cut around 10% of its workforce.

DocuSign had 7,461 employees in Jan. 2022 before it announced an earlier round of layoffs last September that would impact 9% of its workforce. That suggests the current reduction will impact about 680 people.

READ ALSO:  Google paid $26 billion in 2021 to become a default search engine

DocuSign said it is cutting employees in order to support the company’s growth, scale and profitability objectives. It will take an impairment of approximately $25 million to $35 million, primarily in the first quarter of fiscal 2024, as a result of the layoffs.

The restructuring plan will likely be complete by the end of the second quarter, the company said.

READ ALSO:  Barbara Corcoran Launches 'Barbara in Your Pocket'

DocuSign joins a growing list of tech companies that have announced layoffs as rising interest rates and slowing consumer demand have triggered fears of a recession and spurred companies to cut costs. Twilio on Monday said it would cut 17% of its workforce, or about 1,500 jobs, while Amazon, Meta, Google, and Salesforce have announced significant job cuts in recent months.

READ ALSO:  Tesla whistleblowers filed complaint to SEC in 2021: What it said

DocuSign wasn’t immediately available to clarify if there is any overlap between the earlier layoffs and the restructuring announced on Thursday.

Categories

Share This Article
Leave a comment