DocuSign Jumps on Strong Quarterly Sales, Raised Billing Outlook

Brody Ford, Bloomberg News

The Docusign Inc. website on a laptop computer arranged in Dobbs Ferry, New York, U.S., on Thursday, April 1, 2021. DocuSign Inc.'s app, which lets you sign contracts and other documents digitally, has seen consistently high usage lately. The app has become a popular way to close real-estate transactions and is likely getting an extra boost from the housing boom. Photographer: Tiffany Hagler-Geard/Bloomberg , Bloomberg

(Bloomberg) -- DocuSign Inc. rallied 17% after reporting quarterly sales that topped analysts’ estimates and raising its billings forecast, signaling the e-signature business remains strong even as more workers return to offices.

Fiscal second-quarter revenue increased 22% to $622.2 million, the San Francisco-based company said Thursday in a statement. Analysts, on average, projected $602.7 million, according to data compiled by Bloomberg. Profit, excluding some items, was 44 cents a share, compared with the average estimate of 42 cents.

Expectations for the company were muted before the earnings were released, as sales growth slowed, Chief Executive Officer Dan Springer departed in June and the shares plunged 62% this year. Board Chair and Interim-CEO Maggie Wilderotter credited the positive results to the company’s execution “during this transition period.”

DocuSign boosted its forecast for full-year billings to as high as $2.57 billion from $2.54 billion. Analysts, on average, projected $2.53 billion.

The stock rose to a high of $68.88 in extended trading after closing at $57.95 in New York.