E-signature software company DocuSign on Thursday announced plans to cut around 10% of its workforce.
DocuSign had 7,461 employees in January 2022 before it announced an earlier round of layoffs last September that impacted 9% of its workforce. The company said the latest cuts will impact about 700 employees.
DocuSign said it is cutting employees in order to support the company’s growth, scale, and profitability objectives. It will take an impairment charge of approximately $25 million to $35 million, primarily in the first quarter of fiscal 2024, as a result of the layoffs.
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.