• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

Docusign shares tank 39% amid revenue forecast miss

by
December 3, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Docusign’s (DOCU) stock sank 39% on Friday, its biggest drop ever amid concerns of slowing demand for e-signatures as businesses return to the office. The stock went into a tailspin in after-hours on Thursday after Docusign reported third quarter earnings and profit which beat Wall Street estimates, but billings and revenue guidance which missed expectations.

Related Posts

Home prices cool in January, even falling in some cities, S&P Case-Shiller says

Lululemon shares jump as holiday-quarter sales surge

Sam Bankman-Fried paid over $40 million to bribe at least one official in China, DOJ alleges

Pence ordered to testify in probe of Trump’s efforts to overturn 2020 election

“The market dynamics that we saw in the third quarter were markedly different from what we experienced in the first half of this year,” said Springer said during the company’s earnings call on Thursday evening.

“As we move through Q3 and into the second half of the year, we saw demand slow and the urgency of customers buying patterns temper. What we had expected an eventual step down from the peak levels of growth achieved during the height of the pandemic, the environment shifted more quickly than we anticipated,” added Springer.

The company’s fourth quarter revenue projection of $557 million to $563 million came in below Wall Street expectations. 

Billings for the year ending January 31 are now forecast at $2.34 billion.That metric came short of the company previous guidance. 

Docusign’s third quarter top and bottom lines beat Wall Street consensus estimates, with adjusted earnings per share of 58 cents and revenue of $545.5 million respectively.

BRAZIL – 2021/03/24: In this photo illustration a DocuSign logo seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

The company had experienced unprecedented growth during the worst of pandemic as businesses shifted to work from home and electronic signatures skyrocketed. 

“Even as the pandemic subsides, and people begin to return to the office, they are not returning to paper,” assured Springer during the earnings call. 

The e-signature company noted an addition of 59,000 new customers in the third quarter. One of those was UPS (UPS) which is modernizing its contracting process using Docusign, according to Springer. 

Several Wall Street analyst cut their rating on the stock. Wedbush Securities’ Dan Ives categorized the period as a ‘debacle quarter’ and cut his recommendation to Neutral from Outperform. 

JPMorgan and Needham analysts also downgraded the stock to Underweight and Hold respectively. 

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Next Post

U.S. Covid vaccinations spike as several states confirm omicron cases

Leave a Reply Cancel reply

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

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Home prices cool in January, even falling in some cities, S&P Case-Shiller says

by
March 28, 2023
0

A "For Sale" sign outside of a home in Atlanta, Georgia, on Friday, Feb. 17, 2023. Dustin Chambers | Bloomberg...

Read more

Home prices cool in January, even falling in some cities, S&P Case-Shiller says

Nvidia will be the ‘grand marshal’ of the A.I. bubble ‘parade,’ says Josh Brown

Pence ordered to testify in probe of Trump’s efforts to overturn 2020 election

Sam Bankman-Fried paid over $40 million to bribe at least one official in China, DOJ alleges

Lululemon shares jump as holiday-quarter sales surge

Apple launches its Pay Later service

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews