Shares of DocuSign (NASDAQ:DOCU) posted a double-digit gain in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $0.72, which beat analysts’ consensus estimate of $0.56 per share.
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Sales increased by 12% year-over-year, with revenue hitting $661.4 million. This beat analysts’ expectations of $641.7 million. A breakdown of some of the revenue categories revealed that billings were up 10%, reaching $674.8 million. Further, DocuSign boasted a 12% jump in core subscription revenue and saw professional services/other revenue add 14%, reaching a total of $22.1 million.
DocuSign management also offered some guidance. Management looks for second-quarter revenue to come in between $675 million and $679 million, easily blowing away analysts’ consensus of $667.7 million. Further, for the full year, DocuSign management expects revenue somewhere between $2.71 billion and $2.73 billion, again an easy win over consensus estimates looking for $2.7 billion.
Overall, Wall Street has a consensus price target of $62.92 on DocuSign, implying 7.57% upside potential, as indicated by the graphic above.
