DocuSign, a company that offers e-signature services, announced a handful of new service offerings and C-suite hires along with an earnings and revenue beat for the fiscal quarter that ended on April 30, 2023. The company’s shares went up by 12% after hours before settling for a 5% gain. In the first quarter of DocuSign’s 2024 fiscal year, the company’s revenue jumped by 12% year-over-year to $661 million, and subscription revenue increased by the same percentage year over year to $639 million.
Earnings and Revenue
According to Refinitiv, DocuSign’s earnings were 72 cents per share, adjusted, compared to 56 cents per share that was expected by analysts. The company’s revenue was $661 million, compared to $642 million expected by analysts. DocuSign reported breakeven net profit ($0.00 per share) versus a loss of 14 cents per share during the year-age quarter. For the “professional services and other” category, revenue spiked 14% to $22 million, compared to the same period last year.
New Services and C-Suite Hires
DocuSign announced a few new products and services, including Webforms, a way for organizations to create, customize and manage their own forms, including exporting and analyzing the data collected. The company reported 1.4 million paying users and more than 1 billion users as of April 30. DocuSign emphasized its international focus to investors, with service in more than 180 countries and 17% international revenue growth year-over-year.
DocuSign made a handful of strategic C-suite hires last quarter, including appointing a new chief financial officer, Blake Grayson, who formerly served as the CFO of The Trade Desk and in other finance roles at Amazon. The company also chose a new chief product officer in Dmitri Krakovsky, previously of CP4, Google, SAP, and Yahoo, and a new chief information security officer in Kurt Sauer, who formerly held the same role at Workday.
Future Expectations
For the fiscal second quarter, DocuSign expects revenue of $675 million to $679 million, compared to analyst estimates of $667 million, according to Refinitiv. For the fiscal year, the company forecasts revenue of $2.71 billion to $2.73 billion, compared to analysts’ expectations of $2.7 billion.
DocuSign, the e-signature provider, had a successful first quarter of its 2024 fiscal year, beating both earnings and revenue expectations. The company announced a few new products and services, including Webforms, and made strategic C-suite hires in the last quarter. DocuSign reported 1.4 million paying users and more than 1 billion users as of April 30, emphasizing its international focus to investors. The company has high expectations for the second quarter and fiscal year, with revenue forecasts exceeding analysts’ expectations.
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