DocuSign, the e-signature provider, exceeded earnings and revenue expectations for the fiscal quarter ending April 30. The company reported earnings of 72 cents per share, adjusted, compared to the expected 56 cents per share, and generated revenue of $661 million, surpassing the estimated $642 million. The first quarter of DocuSign’s 2024 fiscal year saw a 12% year-over-year increase in revenue to $661 million, with subscription revenue also growing by 12% to $639 million. The “professional services and other” category experienced a 14% revenue spike to $22 million compared to the previous year.
Net income for the quarter was $539,000, or zero cents per share, a significant improvement from the $27.4 million net loss, or 14 cents per share, recorded in the same period last year. DocuSign highlighted its international focus, emphasizing its presence in over 180 countries and its 17% international revenue growth year over year. The company currently has 1.4 million paying users and more than 1 billion users overall as of April 30.
In addition to strong financial performance, DocuSign introduced new products and services. This includes Webforms, a platform that enables organizations to create, customize, manage, and analyze their own forms efficiently. Looking ahead, DocuSign projects revenue of $675 million to $679 million for the fiscal second quarter, higher than analyst estimates, and forecasts revenue of $2.71 billion to $2.73 billion for the full fiscal year, exceeding analysts’ expectations of $2.7 billion.
During the previous quarter, DocuSign made strategic C-suite hires, appointing Blake Grayson as the new chief financial officer and Dmitri Krakovsky as the chief product officer. Kurt Sauer also joined as the chief information security officer, bringing valuable experience from his previous role at Workday. These hires reflect the company’s commitment to strengthening its leadership team and driving further growth and innovation.
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