DocuSign Leaps on Upward Results

DocuSign (NASDAQ: DOCU) – DocuSign posted a jump following upbeat quarterly results for the electronic signature technology company. DocuSign also reported better-than-expected billings — a metric that tracks sales to new customers — plus subscription renewals and additional sales to existing customers.

Total revenue was $645.5 million, an increase of 18% year-over-year. Subscription revenue was $624.1 million, an increase of 18% year-over-year. Professional services and other revenue was $21.4 million, an increase of 27% year-over-year. Billings were $659.4 million, an increase of 17% year-over-year.

GAAP net loss per basic and diluted share was $0.15 on 201 million shares outstanding compared to $0.03 on 198 million shares outstanding in the same period last year.

"We delivered solid third quarter results, and are pleased with the continued progress against our critical priorities," said CEO Allan Thygesen. "DocuSign is the pioneer and leader in eSignature. This gives us a strong foundation to create and deliver a delightful and differentiated workflow experience, making agreements smarter and easier for companies of all sizes. I look forward to continuing to advance our business, as we both innovate and operate at scale to deliver value for all of our stakeholders."

DocuSign, according to Thursday’s news release, “helps organizations connect and automate how they navigate their systems of agreement. As part of its industry leading product lineup, DocuSign offers eSignature, the world's #1 way to sign electronically on practically any device, from almost anywhere, at any time.”

DOCU shares galloped $6.39, or 14.6%, to $50.14.