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