DocuSign posted its first quarter earnings that missed the Street expectations.
The digital signature company’s adjusted earnings for the quarter ended April 30 came in at 38 cents per share, below the 46 cents per share as expected by analysts (according to Refinitiv poll).
Revenue for the quarter rose +25% from the year-ago quarter to $588.7 million, compared to $581.8 million expected by analysts, according to Refinitiv.
The company faced challenges from adverse macroeconomic conditions, according to a statements from Cynthia Gaylor, DocuSign's chief financial officer. Following the emergence of the war in Ukraine, some deals in Europe were delayed or put on hold because of economic uncertainty, CEO Dan Springer indicated.
Gaylor also mentioned that the company's expansion rate, indicating the pace of existing customer spending, has slowed.
For the second quarter, DocuSign expected revenue in the range of $600 million to $604 million. The mid-point of the range, at $602 million, is slightly above the Refinitiv consensus of $601.7 million.
Looking further ahead, the company predicts $2.47 billion to $2.48 billion in revenue for the full-year 2023, compared to the $2.479 billion Refinitiv consensus.