(AmericanProsperity.com) – DocuSign is the next company to share that they will be cutting jobs as the new year rolls in. On Tuesday, DocuSign announced that it would be cutting 6% of its workforce, which is about 440 jobs.
DocuSign stated that it’s doing this as part of a “restructuring plan” to improve its “financial and operational efficiency.” According to the United States Securities and Exchange Commission, DocuSign currently employs 7,336 workers, and 440 of those workers will be affected with most of them coming from the sales and marketing sections.
According to DocuSign, they don’t expect to have this restructuring plan completed until the beginning of 2025 in its first quarter. The company stated that they wouldn’t be revealing much else until their fourth-quarter results are released, but they expect to exceed their goals.
The shares for DocuSign have dropped 1%, but not long ago they were much higher as people were under the impression that Bain Capital and Hellman & Friedman were in competition to buy out DocuSign and therefore many jumped into the business shares. However, this deal has been put on hold because they have been unable to reach an agreement on price.
Before this, we have seen major technology companies like Microsoft, Google, Apple, Meta, and many others making cuts into their workforce and laying off thousands. It’s said to be mainly due to budget cuts, but some have suspected that it’s to make room for new branches of technology such as Artificial Intelligence, (AI).
Copyright 2024, AmericanProsperity.com