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DocuSign stock fell almost 24% after the electronic signature software vendor posted weaker-than-anticipated earnings in Q1.
Source: DocuSign
DOCU down -24.45%, ADBE down -1.27%, Pre-market trading
The company’s earnings per share came in at 38 cents per share in Q1 compared to 46 cents per share estimated by analysts from Refinitiv. The total revenue came in at $588.7M compared to an estimate of $581.8M.
DocuSign stated that the company’s revenue rose 25% from the year-earlier period for the quarter ended April 30. As investors trend away from a focus on growth to profitability, DocuSign’s miss on earnings overshadowed the increase in revenues.
Dan Springer, CEO of DocuSign stated that the company posted strong growth during the early months of the pandemic with the surge in online transactions.
For full-year 2023, DocuSign expects $2.47 billion to $2.48 billion in revenue compared to the $2.479 billion estimated by analysts from Refinitiv.
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