Text size
DocuSign
Shares are up sharply in after-hours trading on Thursday after the e-signature company reported better-than-expected results for the fiscal first quarter ended April 30 and raised its outlook for the fiscal year ended January 2024.
For the April quarter, DocuSign (ticker: DOCU) reported revenue of $661.4 million, up 12% from the prior year quarter, and well above the company’s guidance range of $639 million to $643 million, and Street’s consensus of $642 million. Billings were $674.8 million, well above the company’s guidance range of $615-625 million. This is a 10% increase, compared to the company’s original target of 1% to 2%.
The street should be particularly pleased with the strong growth in billings.
“While we have work ahead of us, I am encouraged by our progress in enabling smarter, easier and more reliable deals. As we continue to execute on our strategy and leverage our competitive advantages, particularly in AI, DocuSign is well positioned for the future,” CEO Allan Thygesen said in a statement.
For the July quarter, DocuSign forecasts revenue of $675 million to $679 million, beating Street’s consensus forecast of $670 million. Billings are projected between $646 million and $656 million; at the midpoint which is roughly St. $651 million.
For fiscal 2024, the company now sees revenue ranging from $2.713 billion to $2.725 billion, slightly above consensus at $2.7 billion, from a previous range of $2.695 billion to $2.707. billions of dollars. DocuSign’s new forecast for full-year billing is between $2.737 billion and $2.757 billion, up from a previous forecast of $2.705 billion to $2.725 billion.
At the end of the session, DocuSign jumped 11.3%, to $65.10.
Write to Eric J. Savitz at eric.savitz@barrons.com