DocuSign Q3 Revenue Beats Expectations, Moves to Profit

Dow Jones2023-12-08

DocuSign swung to a profit as revenue grew above expectations in the latest quarter, a sign the company's turnaround efforts continue to bear fruit.

The e-signature company on Thursday reported net income of $38.8 million, or 19 cents a share, for the third quarter ended Oct. 31, from a loss of $29.9 million, or 15 cents a share, a year earlier. Adjusted earnings were 79 cents a share, above analysts' estimates of 63 cents a share.

Revenue grew to $700.4 million from $645.5 million. Analysts polled by FactSet expected $690.3 million.

Billings increased 5% from a year earlier to $691.8 million. Free cash flow surged to $240.3 million compared to $36.1 million in the same period last year.

"It's still early days. We've got a lot of work to do, but I'm feeling pretty good about the progress," said Chief Executive Allan Thygesen in an interview.

But stocks slid over 1% in extended trading.

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