US-based electronic signatures company DocuSign to cut 6% of workforce

By Ovunc Kutlu

ISTANBUL (AA) - US-based electronic signatures firm DocuSign announced Tuesday it will cut 6% of its workforce, or around 440 of its employees.

The company that manages electronic agreements with digital signatures on different devices said it will restructure and reduce its current workforce, with the majority of affected positions in the sales and marketing organizations.

"The Company currently estimates that it will incur approximately $28 to $32 million in non-recurring restructuring charges in connection with 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," it said in a statement.

DocuSign saw its stock price plummet 4.70% to $50.71 on the Nasdaq at 11.50 a.m. EDT.

Dozens of companies in the US technology sector have been cutting jobs since the final quarter of last year as they struggle with lower income and falling advertisement revenue.

Snap, Uber, Reddit, Disney, 3M, Amazon, Yahoo, Affirm, Zoom, Dell, IBM, Microsoft, Salesforce, PayPal and Google's parent company, Alphabet, have laid off workers by the thousands since the last quarter of 2023.