DocuSign announced today a restructuring plan which includes the layoff of 9% of its total workforce. The restructuring plan target is to improve the profitability, growth and operating margin. The business plan was approved on September 26 by the Board of Directors.
According to the latest 10-K the company had 7,461 employees, two-thirds of those employees were in marketing and sales, while over two-thirds of the employees were based in the U.S.
The restructuring plan is estimated to cost between $30 to $40 million which will be reflected in the third and fourth fiscal quarters.
As of writing DOCU stock is trading 3.87% higher at $54.61. The stock has lost 64% of its market value since the beginning of the year.
See more: DocuSign Appoints Allan Thygesen as its next CEO
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