DocuSign (NASDAQ:DOCU) layoffs are a hot topic on Tuesday after the electronic signature solutions company announced plans to cut roughly 6% of its workforce.
Based on its latest filings, DocuSign employs 7,336 people. That means these job cuts will result in about 440 of them no longer working for the company.
DocuSign notes that these layoffs will mostly be limited to its Sales & Marketing organizations. It also expects these headcount reductions to result in charges of $28 million to $32 million. Most of these charges will occur in the first quarter of its fiscal 2025 year.
What’s Behind the DocuSign Layoffs?
DocuSign says that these layoffs are part of a restructuring plan. This has it seeking financial and operational efficiency while still investing in products and other initiatives.
DocuSign is expecting to complete its restructuring by the end of the first quarter of fiscal 2025. The company also says that it will provide investors with more details on these plans during its fiscal Q4 2024 earnings report.
A positive note for DOCU stock investors comes alongside this news. The company says it expects to meet or exceed its guidance for the fiscal first quarter of 2025.
DOCU stock is down 7.5% as of Tuesday morning and is down 6.7% year-to-date as of Monday’s close.
Investors who want to get up to speed on all of the latest stock market stories today are in luck!
We have all of the hottest stock market news that investors will want to read about on Tuesday! Among that is what’s going on with shares of Peraso (NASDAQ:PRSO), Chenghe Acquisition (NASDAQ:CHEA) and InVivo Therapeutics (NASDAQ:NVIV) stock this morning. You can catch up on that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
