DocuSign to cut 10% of workforce, nearly 700 employees will lose jobs

DocuSign is reducing 10% of its workforce to support what the company calls “growth, scale and profitability objectives.”

The e-signature and software business is currently restructuring and said the job cuts would impact the company’s worldwide field organization.

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In 2022, the company had 7,461 employees before it announced a 9% reduction of it staff in September, meaning roughly 680 DocuSign workers are now on the chopping block in the company’s latest cuts.

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DocuSign estimates that it will incur approximately $25 to $35 million in charges of connected to the restructuring plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs as well as non-cash expenses related to vesting of share-based awards. 

DocuSign also expects most of the restructuring charges will be incurred in the first quarter of fiscal 2024, and that the execution of the restructuring plan will be substantially complete by the end of the second quarter of fiscal 2024.

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In December, DocuSign reported total revenue rose 18% to $645.5 million. Billings were $659.4 million, an increase of 17% year-over-year.

The net loss for the three months ended Oct. 31 was $29.87 million, widener than $5.68 million a year ago.

The non-GAAP net income per diluted share was $0.57 on 206 million shares outstanding compared to $0.58 on 208 million shares outstanding in the same period last year.