(DocuSign) Shares of DocuSign plunged 25% on Friday after reporting earnings per diluted share of $0.38 in the first quarter of 2023. The earnings missed estimates of $0.46 per diluted share and below $0.44 the prior year.
The company reported a net loss of $27.37 million in the quarter, wider than a loss of $8.354 million in the prior year.
DocuSign’s total revenue still improved by 25% from the prior year to $588.77 million. The revenue surpassed estimates of $581.9 million. Subscription revenue came at $569.3 million, up 26% from the prior year.
A total of $613.6 million in billings were reported in the quarter, representing an increase of 16% from the prior year. The gross margin was 78% in the quarter.
Heading into the second quarter, DocuSign expects revenue of between $600 million to $604 million. FY23 revenue is expected in the range of $2.47 billion to $2.48 billion. The guidance compares to estimates of $603.6 million in Q2 revenue and $2.48 billion in FY23.
DOCU:NASDAQ is down -23.88% in premarket.
