DocuSign to lay off 6% of workforce, or about 440 jobs

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TECH

DocuSign to lay off 6% of workforce, or about 440 jobs

PUBLISHED TUE, FEB 6 20248:24 AM ESTUPDATED 2 HOURS AGO

Ashley Capoot@IN/ASHLEY-CAPOOT-02496B173/

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KEY POINTS

• DocuSign announced Tuesday it will cut 6% of its workforce as part of a restructuring plan, according to a release.
• The company employs 7,336 workers according to its most recent filing with the SEC, which means the layoffs will affect around 440 jobs.
• Shares of DocuSign slipped following the announcement.

In this article

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The DocuSign website is seen on a laptop in Dobbs Ferry, New York, April 1, 2021.

Tiffany Hagler-Geard | Bloomberg | Getty Images

DocuSign announced Tuesday it will cut 6% of its workforce as part of a restructuring plan that aims to improve the company’s “financial and operational efficiency,” according to a release.

The online signature provider said the majority of the employees impacted by the layoffs will be within its sales and marketing organizations. DocuSign employs 7,336 workers, according to its most recent filing with the U.S. Securities and Exchange Commission, which means the cuts will affect around 440 jobs.

 

Shares of DocuSign closed down more than 1% Tuesday.

DocuSign said the restructuring plan will be largely complete by the end of its second fiscal quarter of 2025, according to the release. The company added that it expects to “meet or exceed” its fourth-quarter and fiscal-2024 guidance that it outlined in a release in December.

The company said it will share more details about the restructuring when its fourth-quarter results are released.

In January, shares of DocuSign soared on reports that Bain Capital and Hellman & Friedman were competing to buy the online signature provider. But talks between the firms and the company have reportedly stalled over deal price disagreements, Reuters reported Monday.

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[BenedictStone]

Companies are making tough calls, and job cuts are always tough to see. I’ve noticed a lot of people in tech feeling the pressure lately, and it’s a tough market to jump into right now. So, thanksroger, networking, and keeping an eye on openings are key. If anyone here is impacted, LinkedIn is a good place to start reaching out—I've seen a lot of people land new roles that way.