Faced with slowing growth, DocuSign is still cutting its workforce. After having already laid off 9% of its teams in September 2022, the global electronic signature giant is announcing a new wave of job cuts to reduce its workforce by an additional 10%, which represents approximately 700 employees. This restructuring phase should be completed by the end of the second quarter of 2023.
After the spectacular jump in demand caused by the Covid-19 pandemic, the company is struggling to convince investors of its prospects, which has had an impact on its stock market performance. The peak of $310 in the summer of 2021 thus seems a long way off, while DocuSign’s share price is now only worth $66 on the Nasdaq.
After Dan Springer resigned in June 2022, the board placed Allan Thygesen, a former Google executive, at the helm of the company that holds three-quarters of the global e-signature market. It is up to him to improve the company’s margins to boost its financial results, under penalty of being pushed out.