DocuSign (DOCU) shares are jumping after the maker of electronic signature software posted better-than-expected quarterly results and raised its full-year subscription revenue guidance.
DocuSign reported fiscal second quarter earnings of $0.44 per share, with revenue rising 21.6% to $622.2 million. Both were above analysts’ forecasts.
DocuSign’s business surged during the pandemic as lockdowns prevented in-person document signing. However, demand has fallen as COVID-19 restrictions eased. CEO Maggie Wilderotter said the second quarter results showed the company has been successful in executing “during this transition period.” She added DocuSign now has “a stronger foundation in place to deliver in the second half of the year.”
Higher Subscription Sales
DocuSign indicated it expects fiscal 2023 subscription revenue of $2.405 billion to $2.417 billion, up from its previous estimate of $2.394 billion to $2.406 billion.
Shares of DocuSign are rising 7.5% today. They’ve down 59% this year.