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DocuSign reports strong Q2 as revenue climbs 45%

The company, which offers e-signature and digital transaction management services, continues to benefit from the shift to remote work and social distancing during the COVID-19 pandemic.
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Written by Natalie Gagliordi on

DocuSign delivered strong second quarter financial results on Thursday as the company continues to benefit from the shift to remote work and social distancing during the COVID-19 pandemic.  

The e-signature and digital transaction management firm reported a second quarter net loss of $64.5 million, or 35 cents per share. On a non-GAAP basis, earnings came to 17 cents per share on revenue of $342.2 million, an increase of 45% year-over-year. 

Wall Street was expecting earnings of 8 cents per share on revenue of $318.5 million. 

Elsewhere on the balance sheet, DocuSign said its subscription revenue was $323.6 million, up 47% year-over-year, while professional services and other revenue was $18.6 million, an increase of 64% year-over-year. Billing for the first quarter were $405.7 million, an increase of 25% year-over-year.

As for the outlook, analysts are expecting earnings of 12 cents per share on revenue of $335.1 million for the current quarter. DocuSign responded with revenue in the range of $358 million to $362 million. 

For the year, DocuSign expects revenue in the range of $1.384 billion to $1.388 billion, above Wall Street estimates for $1.32 billion. Shares of DocuSign were up almost 5% after hours.

"In an accelerating digital world where business can be conducted from anywhere, the need to agree electronically and remotely has never been stronger, as shown in our 61% year-over-year billings growth," said DocuSign CEO Dan Springer. "We are just scratching the surface of our Agreement Cloud opportunity and believe we are increasingly becoming an essential cloud-software platform for organizations of all sizes."

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