DocuSign (Nasdaq: DOCU) reported an increase in adjusted earnings and revenues for the first quarter. The results also came in above expectations. However, shares of the e-signature technology company dropped about 15% during Thursday’s extended trading session as its reported loss missed the market’s estimates.
Adjusted earnings, excluding special items, were $0.07 per share in the April quarter, compared to $0.01 per share last year. On a reported basis, the company posted a net loss of $45.7 million or $0.27 per share, compared to a loss of $270.7 million or $7.46 per share in the first quarter of 2019. While the adjusted result beat the Street view, the reported number missed.
The improvement reflects a 37% annual growth in revenues to $214 million. Analysts were looking for a lower number. At $201.5 million, subscription revenue was up 36% from the year-ago period.
“With the announcement of the DocuSign Agreement Cloud this quarter—our suite of products and integrations for automating the entire agreement process—we can now deliver a much broader set of solutions to market, positioning us as the next ‘must-have’ cloud,” said Dan Springer, CEO of DocuSign.
At $201.5 million, subscription revenue was up 36% from the year-ago period
For the second quarter, the management forecasts total revenues in the range of $218 million to $222 million and billings between $215 million and $225 million. Adjusted gross margin is estimated to be 78%-80%.
For the whole of 2019, the company predicts revenues in the $917 million-$922 million range. Full-year billings are expected to be between $1.01 billion and $1.03 billion. The forecast for adjusted gross margin is 78%-80%.
DocuSign shares stabilized in recent weeks after recovering from last year’s tech selloff, and have been trading above the $50-mark consistently. But they are still trading slightly below the levels seen a year earlier. The stock closed Thursday’s regular trading higher but fell sharply in the after-hours session.
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