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DocuSign to cut around 700 staff in latest tech cuts

By Nagasunder in US business news, posted February 17, 2023

DocuSign has revealed plans to reduce its staff by about 10 percent, putting around 700 jobs at risk.

The tech company says it is making the cuts to in order to support the company's goals for development, scale, and profitability.

The company estimated that the most recent layoffs will affect 700 workers.

Due to the layoffs, an impairment charge of between $25 million to $35 million would be made, mostly in the first quarter of fiscal 2024.

DocuSign says the reorganization plan will probably be finished by the end of the second quarter.

The firm joins a growing number of tech firms that have announced layoffs as increasing interest rates and sluggish consumer demand have stoked concerns about a recession and compelled firms to make cost reductions.

Twilio said on Monday that it would eliminate 17 percent of its employees, or roughly 1,500 jobs, while recent employment cuts by Amazon, Meta, Google, and Salesforce have also been considerable.

A DocuSign spokesperson told CNBC “The restructuring mainly impacts our worldwide field organization.

“This action allows us to reshape the company to more effectively position us for profitable growth while freeing up resources for investments.”

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DocuSign shares were up about three percent in afternoon trading on Thursday.

Source: CNBC