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."