said it plans to reduce its staff by about 10%, or approximately 700 jobs, in its second round of cuts since September as the company grapples with slowing growth.
The latest round of cuts focus on the company’s field organization, according to a securities filing. In September, the company said it was reducing its staff by about 9% as it looked to trim operating costs.
DocuSign’s workforce nearly doubled during the pandemic to almost 7,500 as of Jan. 31, 2022, according to regulatory filings. Demand for DocuSign’s software surged as businesses turned to the e-signature company to keep operations humming even as workers and customers stayed at home.
Shares of DocuSign tripled in 2020, finishing the year at $222.30 a share. But investors have soured on the stock as growth slowed and trends that accelerated during the pandemic normalized. Shares finished 2022 at $55.42, wiping out the pandemic-era gains.
DocuSign joins a wave of companies across technology and other sectors that are laying off workers and cutting costs amid concerns about slowing growth and broader economic uncertainty. DocuSign also isn’t alone in following up a first round of cuts with another. Earlier this week, cloud-communications company
said it was laying off about 17% of employees after previously trimming staff by about 11%.
Zoom Video Communications Inc.
said it was laying off 1,300 employees, or 15% of its staff, and cutting Chief Executive
DocuSign said it expects to book charges of about $25 million to $35 million tied to its latest restructuring plan, which the company expects to be substantially complete by the end of the second quarter of fiscal 2024, or the end of July.
The company’s September restructuring was expected to be mostly finished by the end of fiscal 2023, or the end of last month, according to a securities filing.
Write to Will Feuer at [email protected]
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