San Francisco, Feb 17 (IANS): 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.