https://www.cnbc.com/2022/09/28/docusign-to-cut-workforce-by-9percent-as-part-of-restructuring-plan.html

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DocuSign to cut workforce by 9% as part of restructuring plan

Published Wed, Sep 28 20229:21 AM EDTUpdated An Hour Ago
Ashley Capoot@ashleycapoot
WATCH LIVE
Key Points

  * DocuSign will lay off 9% of its workforce as part of a major
    restructuring plan, the company announced Wednesday.
  * The plan is designed to support the company's growth and
    profitability objectives and improve its operating margin.

In this article

  * DOCU

Follow your favorite stocksCREATE FREE ACCOUNT
The Docusign Inc. website on a laptop computer arranged in Dobbs
Ferry, New York, U.S., on Thursday, April 1, 2021.
Tiffany Hagler-Geard | Bloomberg | Getty Images

DocuSign will lay off 9% of its workforce as part of a major
restructuring plan, the company announced Wednesday.

The plan is designed to support the company's growth and
profitability objectives and improve its operating margin. As of
January, DocuSign had 7,461 employees, and it said the restructuring
plan will largely be complete by the end of fiscal year 2023.

Shares of DocuSign closed up 5.09% on Wednesday.

It expects to incur charges between $30 million and $40 million,
largely in the third and fourth quarter of fiscal 2023, as part of
the changes.

The electronic signature software maker enjoyed a wave of greater
interest among investors during the Covid pandemic as consumers and
corporate workers became more reliant on digital ways to sign
documents. But the interest has died down, and shares have fallen 65%
so far this year.

Several firms downgraded the company's stock in June after
first-quarter earnings fell short of analyst estimates. Dan Springer,
the former CEO, stepped down later that month. DocuSign announced
earlier this month that it hired an Alphabet executive, Allan
Thygesen, as its next CEO. 

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