US-based e-signature software firm DocuSign has announced its plan to cut around 10% of its workforce as part of the restructuring plan. The company said the latest cuts will impact about 700 employees.

This move comes as part of the company's plan to support its growth and profitability objectives and improve its operating margin which it began last year. Prior to this, DocuSign had undertaken a workforce cut that impacted 9% of its 7,461 employees last September.

It said the restructuring plan will largely be complete by the end of the fiscal year 2023 and expects to incur charges between $30 million and $40 million, largely in the third and fourth quarter of fiscal 2023, as part of the changes.

DocuSign becomes the latest company that has announced layoffs amid rising interest rates, slowing consumer demand and fears of recession which has prompted companies to cut costs. Twilio on Monday announced a 17% (1,500) cut of its workforce, while Microsoft, Alphabet, SAP, IBM, Spotify, and other tech companies have confirmed plans to reduce headcounts in 2023.