DocuSign Beats Q1 Expectations, But Shares Drop 10%

DocuSign (NASDAQ:DOCU) reported strong fiscal first-quarter results on Thursday, surpassing Wall Street expectations. The software company also announced a $1 billion increase to its existing stock buyback program. Despite these positive developments, the company’s shares fell 10% intra-day today.

For the first quarter, DocuSign reported an adjusted earnings per share (EPS) of $0.82 on revenue of $709.6 million, beating the Street estimates of $0.79 EPS and $707.3 million in revenue.

Looking forward to the second quarter, the company forecasts revenue between $725 million and $729 million, aligning with analyst expectations of $727.2 million.

For the full fiscal year, DocuSign expects revenue to range from $2.92 billion to $2.93 billion, with billings anticipated to be between $2.98 billion and $3.03 billion.