On Thursday, DocuSign, a company that provides e-signature software, announced its intention to reduce its workforce by roughly 10%.
In January 2022, the company had 7,461 employees before it declared an earlier set of layoffs in September, which would impact 9% of its workforce. Approximately 700 workers will be affected by the latest round of cuts.
According to DocuSign, the layoffs are necessary to back the company's growth, expansion, and profitability goals. The layoffs will result in an impairment of approximately $25 million to $35 million in the first quarter of fiscal 2024.
The company stated that the restructuring plan will be completed by the end of the second quarter. DocuSign has joined a growing list of tech firms that have announced layoffs due to rising interest rates and slowing consumer demand, resulting in recession fears and prompting firms to reduce costs.
In recent months, Amazon, Google, Meta, Salesforce, and Twilio have all declared significant job cuts. Twilio, for example, announced that it would cut 1,500 jobs, or 17% of its workforce, on Monday.
