SAN FRANCISCO (KRON) — In the latest indication that the tech economy faces ongoing headwinds, another Bay Area tech company has announced major layoffs and Meta Platforms Inc, which owns Facebook and Instagram, will reportedly implement a hiring freeze and restructuring of teams.

As first reported by SFGate, DocuSign Inc. has announced it will be reducing its current workforce by approximately 9% and will restructure, according to a U.S. Securities and Exchange Commission filing from the company.

“On September 26, 2022, the Board of Directors (the “Board”) of DocuSign, Inc. (the “Company”) authorized a restructuring plan (the “Restructuring Plan”) that is designed to improve operating margin and support the Company’s growth, scale and profitability objectives. As part of the Restructuring Plan, the Company expects it will restructure the current workforce by approximately 9%,” read the filing in part.

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DocuSign is an electronic document signing platform that provides “contract collaboration for every stage of the lifecycle,” according to its website. The company provides eSignature services for industries that include financial services, insurance, real estate and government.

A separate report from Bloomberg indicates that Facebook’s parent company, Meta Inc. has announced a hiring freeze and has warned some teams of restructuring. The actions are part of a plan to cut costs and shift priorities, according to Bloomberg.

The DocuSign layoffs are the latest in a series of high-profile Bay Area layoffs and hiring freezes that have impacted tech companies like Oracle and recently, retail giant, Gap.