DocuSign rises more than 21% on revenue beat and strong guidance

Earnings

DocuSign CEO Dan Springer.

Source: DocuSign

Shares of enterprise cloud company DocuSign shot up about 19% Friday morning after the company reported better-than-expected revenue and strong guidance.

The rally added about $1.5 billion to the company’s market cap, bringing it to $9.6 billion.

For its second quarter of 2020, DocuSign reported $236 million in revenue, well above the Refinitiv consensus estimate of $221 million.

The company also provided strong guidance for the third quarter and full fiscal year. Raising its outlook for the full year 2020, DocuSign now expects total revenue to fall between $947 million and $951 million. Previously, the company said it expected full-year revenue to fall between $917 million and $922 million.

DocuSign fell short of expectations for earnings, however, reporting 1 cent in adjusted earnings per share compared with analyst estimates of 4 cents per share, according to Refinitiv.

Subscribe to CNBC on YouTube.

WATCH: DocuSign CEO on automating agreements and blockchain

Articles You May Like

Here’s where the world’s top 0.001% are putting their money, according to wealth experts
What Will Happen If The Social Security Trust Funds Run Out?
National Park Week is coming up — and that means free entry for visitors
Tesla shares jump 11% after Musk says company aims to start production of affordable new EV by early 2025
Why semiconductors could be the most efficient artificial intelligence play

Leave a Reply

Your email address will not be published. Required fields are marked *