DocuSign gave strong guidance for the fiscal second quarter, forecasting revenue between $675 million and $679 million.
On Thursday, June 8, electronic signature provider DocuSign (NASDAQ: DOCU) mentioned Earnings exceeded revenue estimates for the fiscal quarter ended April 30 (Q1 2024). In the aftermarket hours Thursday, the company’s share price is trading up 5%, crossing $61.
DocuSign Inc., based in San Francisco, California, is a provider of electronic agreement management services. Their flagship product, eSignature, enables electronic signature on various devices as part of the DocuSign Agreement Cloud.
DocuSign reported first-quarter 2024 earnings at 72 cents per share versus 56 cents per share according to Refinitiv analysts. Similarly, the company reported revenue of $661 million versus an expected $642 million. This shows that during the first quarter of fiscal 2024, DocuSign’s revenue increased by a healthy 12%. Interestingly, this double-digit growth comes at a time of uncertain macro environment.
DocuSign reported a 14% increase to $22 million in the “Professional Services and Other” category, year over year. The company’s net income amounted to $539,000, compared to a net loss of $27.4 million a year earlier.
In addition, DocuSign has also announced new products and services such as Webforms. With Webforms, organizations will be able to create, manage and customize their own forms. Thus, it will help in exporting as well as analyzing the collected data.
Since the beginning of 2023, DOCU stock has remained somewhat volatile below benchmark benchmark performance. However, these strong results may act as a catalyst for the share price to go higher from here on out.
DocuSign user growth in the first quarter of 2024
DocuSign has a total of $1.4 million paying users over 1 billion users as of April 30th. The company has emphasized its international focus on investors and provides services in more than 180 countries. DocuSign reported international revenue growth of 17% year-over-year.
According to Refinitiv, DocuSign expects revenue of between $675 million and $679 million for the fiscal second quarter, beating analyst estimates of $667 million. For the full fiscal year, the company expects revenue of $2.71 billion to $2.73 billion, beating analyst expectations of $2.7 billion.
In the most recent quarter, DocuSign named two new executives to fill key positions on its leadership team. They appoint Blake Grayson as the new CFO. Blake previously served as CFO in the Office of Commerce and held financial positions at Amazon.
They also brought in Dmitry Krakowski as their new Chief Product Officer, who has previous experience at CP4, Google, SAP and Yahoo. Additionally, Kurt Sauer joins as the new Chief Information Security Officer, after holding the same position at Workday.
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