DocuSign, Inc. (NASDAQ: DOCU), a provider of electronic signature software, Thursday said its first-quarter adjusted earnings more than tripled, aided by strong demand. Both profit and revenues exceeded the market’s projection.
First-quarter revenues advanced 58% annually to $469.1 million, which is well above experts’ prediction. The top-line benefitted from a strong performance by the core subscription business.
Adjusted earnings jumped to $0.44 per share from $0.12 per share last year. Market watchers were looking for a smaller bottom-line number. On an unadjusted basis, it was a net loss of $8.4 million or $0.04 per share, compared to a loss of $47.8 million or $0.26 per share in the first quarter of 2021.
Read management/analysts’ comments on DocuSign’s Q1 earnings
DocuSign’s stock lost about 12% so far this year and is trading at a near one-year low. It closed Thursday’s regular session sharply lower.