DocuSign Stock Tumbled 24% in Premarket Trading

DocuSign reported earnings that missed expectations for the April quarter, sending the stock lower in premarket trading.

The electronic signature documents company reported fiscal first-quarter adjusted earnings per share of 38 cents, compared with Wall Street's consensus estimate of 46 cents, according to FactSet. Revenue came in at $589 million, which was slightly above analysts' expectations of $583 million. DocuSign also gave a guidance range of between $600 million to $604 million for the current quarter versus the $601 million consensus."With over a billion users worldwide, the proven value of our products, and the significant opportunity we have ahead of us, we're confident in our ability to successfully navigate the challenges of a dynamic global environment," Dan Springer, CEO of DocuSign, said in a statement.

Earlier this year, DocuSign had provided an outlook that disappointed Wall Street.

Wall Street analysts have been mixed on DocuSign. About 50% have ratings of Buy or the equivalent on the stock, while roughly 45% have Hold ratings on the shares, according to FactSet.