E-signature company DocuSign (DOCU) has posted better-than-expected financial results as its turnaround plan following a post-pandemic slowdown takes hold.
For its fiscal third quarter, DocuSign announced earnings per share of $0.79 U.S., which was well ahead of the $0.63 U.S. forecast on Wall Street.
Revenue in the quarter came in at $700 million U.S., up 9% from a year earlier and ahead of Wall Street consensus estimates of $690 million U.S.
The company said that its billings rose 5% from a year ago and its subscription revenue increased 9% year-over-year in the latest quarter.
Looking ahead, DocuSign said that for its 2024 fiscal year, it foresees revenue of $2.75 billion U.S. and billings of $2.85 billion U.S.
The Wall Street consensus called for revenue of $2.73 billion U.S. and billings of $2.81 billion U.S.
The guidance provided indicates growth of 9% in fiscal 2024. While strong, that’s down from the 50% growth the company experienced in 2021 during the Covid-19 pandemic.
DocuSign has been trying to recover from a marked slowdown in demand for its electronic documents coming out of the pandemic.
So far in 2023, DocuSign’s share price has declined 16% to $47.44 U.S. per share. In September 2021, the stock was trading at $310 U.S. a share.
Tech Insider
