DocuSign will lay off 10% of its staff or about 700 employees

DocuSign, a U.S. electronic signature software company, plans to lay off 10 percent of its staff or about 700 employees as part of a restructuring. DocuSign notified the U.S. Securities and Exchange Commission.

DocuSign will lay off 10% of its staff or about 700 employees

According to the company, the layoffs will allow DocuSign to grow and increase profitability.

According to the company's report, the layoffs will result in impairment losses of about $25 million to $35 million in the first quarter of fiscal 2024.

The restructuring will mostly affect DocuSign's global field organization, a company spokesman said. He added that DocuSign's restructuring will better position the business for profitable growth as well as free up resources for investment.

DocuSign clarified that the restructuring plan will likely be completed by the end of the second quarter.

In recent months, a number of technology companies have announced layoffs amid rising interest rates and slowing consumer demand. Firms fear a recession, so they are forced to cut costs.

Earlier, the U.S. software company Sprinklr cut 4% of its staff - more than 100 employees - as the economic downturn continued. Sprinklr began layoffs last week and continues to cut employees in India, the U.S. and other countries.

Business and Finance terms

Withholding Tax General Accepted Accounting Standards Letter Of Intent Scarcity Year-to-date Long-Term Liabilities Non-Disclosure Agreement Chief Operating Officer Return on Investment Chief Marketing Officer Chief Financial Officer Asset Protection Trust Chief Security Officer Certified Financial Planner Electronic Funds Transfer Limited Liability Company Close of Business Company Finance Cash Flow Automated Teller Machine Return on Equity stagnation Certified Management Accountant Non-Profit Organization Certified Financial Manager Chief Technology Officer Profit and Loss Profit and Loss Statement Gross Margin