Docusign rallies on strong earnings and new services By Proactive Investors

UK stocks end quarter on high note after stronger-than-expected domestic growth

Docusign rallies on strong earnings and new services

Published Jun 09, 2023 12:48

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Docusign rallies on strong earnings and new services

GOOGL

-1.10%

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DOCU

-0.02%

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GOOG

-0.96%

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AMZN

+0.90%

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Proactive Investors - Docusign (NASDAQ:DOCU), the electronic contract provider, surged 8% in pre-market trading in the US after better-than-expected earnings and a few operational shakeups.

Revenues jumped by 12% annually to US$661mln in the first quarter, beating the US$642mln predicted by analysts.

Underlying earnings reached US$539,000 compared to a loss of US$27.4mln for the software group in the same period a year ago.

Webforms was announced too, a new tool by Docusign that allows customers to create and customise their own forms before being able to analyse the data from the responses.

A series of C-suite switches were also unveiled, including Blake Grayson’s appointment as chief financial officer.

Grayson previously worked in the finance division at Amazon (NASDAQ:AMZN) and was CFO at The Trade Desk.

Other appointments include Dimitri Krakovsky as the new chief product officer, whose previous experience includes CP4, Google (NASDAQ:GOOGL) and Yahoo, and Kurt Sauer as chief security officer.

Friday’s bounce in share price certainly contradicts some of the research UBS had produced leading up to the results.

Ahead of the results and after interviews with customers to gauge the demand for the tech group’s service, Swiss bank UBS lowered its price target to US$45 and reiterated a ‘sell’ rating.

Shares are now trading at just over US$63 prior to the US market opening on Friday, however, the stock remains well short of the US$300 peak seen in 2021.

Read more on Proactive Investors UK

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Docusign rallies on strong earnings and new services

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