DocuSign layoffs 2023: US-based e-signature software firm cuts 10% of jobs
DocuSign stated that it announced layoffs in order to support the company's growth, scale, and profitability goals.
US-based e-signature software company DocuSign has announced that it plans to lay off around 10 per cent of its workforce as part of the restructuring plan. The company said the latest cuts will impact about 700 employees, reports CNBC.
DocuSign stated that it announced layoffs in order to support the company's growth, scale, and profitability goals. The layoffs will result in an impairment charge of approximately $25 million to $35 million in the first quarter of fiscal 2024, according to the report.
"The restructuring mainly impacts our worldwide field organisation. This action allows us to reshape the company to more effectively position us for profitable growth, while freeing up resources for investments," a DocuSign spokesperson was quoted as saying. Moreover, the company mentioned that the restructuring plan will likely be complete by the end of the second quarter.
With this, DocuSign becomes another tech company to lay off employees as rising interest rates and slowing consumer demand have fueled fears of a recession and prompted companies to cut costs.
Meanwhile, US-based software company Sprinklr has laid off about 4 per cent of its global workforce -- or more than 100 employees -- amid the ongoing economic slowdown.
The company started the layoff drive last week and is cutting its workforce in India, the US and other regions, reports TechCrunch, citing sources.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
02:33 PM IST