Why DocuSign Stock Is Falling After Hours

DocuSign Inc DOCU shares are trading lower in Thursday's after-hours session after the company reported worse-than-expected earnings results.

DocuSign said fiscal first-quarter revenue increased 25% year-over-year to $588.7 million, which beat the estimate of $581.76 million, according to data from Benzinga Pro. However, the company reported quarterly adjusted earnings of 38 cents per share, which missed the estimate of 46 cents per share.

DocuSign said it added nearly 67,000 new customers in the first quarter, bringing its total global customer base up to 1.24 million.

"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," said Dan Springer, CEO of DocuSign.

DocuSign said it expects fiscal second-quarter revenue to be between $600 million and $604 million versus the estimate of $601.71 million. The company expects full-year revenue to be between $2.47 billion and $2.482 billion versus the estimate of $2.48 billion.

See Also: After-Hours Action: Why Rent The Runway Stock Is Surging

DOCU Price Action: DocuSign has traded between $314.76 and $64.84 over a 52-week period.

The stock was down 16.21% in after hours at $73.20 at press time.

Photo: courtesy of DocuSign.