SAN FRANCISCO (KRON) — In another day of tech layoffs, San Francisco-based DocuSign announced plans to lay off 10 percent of its workforce Thursday, according to a letter filed with the Securities and Exchange Commission. This will impact about 700 employees, “primarily in the Company’s worldwide field organization,” the letter stated.

The letter cited company restructuring as the reason for the staffing cut, as many other tech companies have done recently.

The letter said DocuSign expected to spend between $25 million and $35 million due to these layoffs on severance packages for the impacted employees.

As of Feb. 16, DocuSign’s stock price has fallen about 44 percent year over year.

DocuSign is among several tech companies to announce layoffs in 2023, including Strava, whose CEO resigned Tuesday after announcing layoffs in December 2022 and Zoom, whose CEO and leadership took severe pay cuts along with cutting 15 percent of staff.

This is the second round of layoffs DocuSign has announced in the past six months. In September of 2022, the company, which is an electronic document signing platform, rolled out another restructuring plan that saw it reduce its then workforce by about 9 percent.

The latest filing was signed by the company’s Chief Financial Officer Cynthia Gaylor.