DocuSign (DOCU) plummets nearly 30% after third quarter earnings

Read Time:1 Minute, 41 Second


Daniel Springer, CEO of DocuSign.

Source: DocuSign

After the end of the year forecast provided by the electronic signature software developer was lower than analysts’ expectations, DocuSign’s stock price plummeted by nearly 30% in after-hours trading on Thursday.

DocuSign said in its third-quarter earnings report that its fourth-quarter revenue will be between US$557 million and US$563 million. According to data from Refinitiv, analysts’ average expected revenue is $573.8 million.

The following are the key figures for the third quarter:

  • income: According to Refinitiv data, 58 cents per share after adjustment, while analysts expected 46 cents.
  • income: According to Refinitiv’s data, it is 545.5 million U.S. dollars, while analysts expect it to be 531 million U.S. dollars.

DocuSign just reported its sixth consecutive cycle of revenue growth of more than 40%, thanks to remote work and the increasing use of electronic signatures in more industries. The company’s revenue and profits in the third quarter exceeded expectations, but as companies began to accept purchases made during the pandemic, investors became more worried about what would happen in the future.

The growth rate in the last three months of this year is expected to reach about 30%, and CEO Dan Springer admitted that this was disappointing after the “extraordinarily high growth rate” in the first half of 2020.

Springer said on the earnings call: “Although we expect to eventually decline from the highest level of growth achieved during the peak of the pandemic, the pace of environmental change is faster than we expected.”

The company also announced that Michael Sheridan, international president and former chief financial officer, will leave the company on November 30.

Before the post-market crash, DocuSign’s stock price rose by about 4% for the year, lagging behind the 20% increase in the Standard & Poor’s 500 Index. Last year, DocuSign’s stock price tripled.

watch: DocuSign CEO talks about growth


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