DocuSign Q2 Results Beat Street View; Shares Up 17%

(RTTNews) - DocuSign, Inc. (DOCU) Thursday reported results for the second quarter, with both adjusted earnings and revenues for the quarter beating Wall Street estimates. Following the news, shares of the company gained over 17% in the extended session.

Net loss for the quarter widened to $45.1 million or $0.22 per share from $25.5 million or $0.13 per share last year.

On an adjusted basis, earnings were $0.44, down from $0.47 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.42 per share last year.

Revenue for the quarter rose 22% to $622.2 million from $511.8 million last year. Subscription revenue were up 23% to $605.2 million, while professional services and other revenue dropped 11% to $17.0 million. Analysts had a consensus revenue estimate of $602.34 million for the quarter.

"We delivered solid Q2 results, with a strong finish to the first half of the year. These results reflect the focus and dedication of our team on execution during this transition period, with a stronger foundation in place to deliver in the second half of the year. We enter this next phase with a clear set of vital few deliverables for our people initiatives and product roadmap, while driving sustainable and profitable growth at scale," said Maggie Wilderotter, DocuSign's Interim CEO and Board Chair.

Looking forward to the third quarter, the company expects revenues of $624 million to $628 million. Analysts currently estimate revenues of $625.05 million.

For the full year, the company continues to expect revenues of $2.47 billion to $2.48 billion. Analysts currently estimate revenues of $2.47 billion for the year.

DOCU closed Thursday's trading at $57.95, up $2.81 or 5.10%, on the Nasdaq. The stock further gained $10.04 or 17.33% in the after-hours trading.