DocuSign layoff: around 440 employees about to lose jobs

February 06, 2024 05:41 AM PST | By Invezz

DocuSign layoff: around 440 employees about to lose jobs — Image source: Invezz

How many employees will be laid off

The electronic signatures company will let go around 440 of its employees to improve its “financial and operational efficiency”.

A better part of the announced job cut will be restricted to the company’s sales and marketing division, as per its press release on Tuesday.

Note that the tech companies laid off a total of 24,000 workers in January. The DocuSign announcement arrives only a day after Snap Inc – the social media giant also opted to lower its headcount by 10% (find out more).

Wall Street currently has a consensus “hold” rating on DocuSign stock that is now down more than 20% versus its year-to-date high. Watch here: https://www.youtube.com/embed/ahVub1oVNak?feature=oembed

DocuSign reiterated its guidance on Tuesday

DocuSign expects the restructuring to be complete in the first half of its fiscal 2025.

Also on Tuesday, the Nasdaq-listed firm said it will “meet or exceed” its previously laid out guidance for the fourth quarter and full financial 2024. Details about the layoff it just announced will be shared on the earnings call, as per its press release on Tuesday.

DocuSign Inc is expected to report its financial results for the fourth quarter in the second week of March. Consensus is for it to earn 9 cents a share versus 7 cents per share a year ago.

Bain Capital and Hellman & Friedman were reported interested in buying the California-based company in January. But talks have since stalled on disagreements related to the deal price.

The post DocuSign layoff: around 440 employees about to lose jobs appeared first on Invezz

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