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Wednesday, February 21, 2024

DocuSign Beats Quarterly Estimates, but Shares Fall on Business Warning

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Key Takeaways

  • DocuSign’s quarterly results and outlook exceed forecasts.
  • CEO Allan Thygesen warned about customer demand.
  • The company also introduced new products and executive appointments.

Shares of DocuSign (DOCU) gave up early gains and turned lower on Friday morning after the online document signing service warned about customer demand. That came after the company posted better-than-expected results, and boosted its current quarter and full-year guidance. It also announced new products and several executive hires. 

CEO Allan Thygesen told analysts that the firm is seeing a “more moderate pipeline and cautious customer behavior,” as well as smaller deal sizes and lower volume.

Before his comments, DocuSign reported fiscal 2024 first quarter profit of $0.72 per share, almost 30% higher than estimates. Sales increased 12% to $661 million, also more than anticipated. Subscription revenue was up 12% to $639 million. 

Thygesen called that “a solid start to the year,” adding that he was encouraged by “our progress to enable smarter, easier, trusted agreements.” He said that the company will be well-positioned in the future by executing its strategy and leveraging its “competitive advantages,” especially in artificial intelligence (AI).

The company indicated it expects current quarter revenue in the range of $675 million and $679 million, and full-year sales of $2.71 billion to $2.73 billion. Both exceeded forecasts.

DocuSign said it was introducing new product capabilities, including Web Forms, which the company explained was “an interactive solution enabling organizations to capture data and generate dynamic agreements.”

It also appointed a new Chief Financial Officer, Chief Product Officer, and Chief Information Security Officer. 

DocuSign shares were down more than 3% in early trading on Friday at 11:30 a.m. Eastern Time.

YCharts

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