What's Going On With DocuSign Stock After Hours?

DocuSign Inc DOCU shares are moving lower in extended trading Thursday after the company reported fourth-quarter results and announced its CFO will step down.

• Q4 Revenue: $659.58 million beat estimates of $632.15 million
• Q4 EPS: 65 cents beat estimates of 52 cents

Total revenue was up 14% year-over-year, but professional services revenue fell 5%. Billings jumped 10% compared to the prior year's quarter and free cash flow came in at $113 million for the fourth quarter. DocuSign said it ended the quarter with $1.2 billion in cash, equivalents and investments.

Outlook: DocuSign sees first-quarter revenue in a range of $639 million to $643 million versus estimates of $639.71 million. The company expects full-year 2024 revenue to be between $2.695 billion and $2.707 billion versus estimates of $2.69 billion. 

"We are reshaping DocuSign to invest in our innovation roadmap and self-service capabilities. Looking ahead, we aim to drive profitable growth at scale by executing our mission of smarter, easier, and trusted agreements," said Allan Thygesen, CEO of DocuSign.

DocuSign also announced that CFO Cynthia Gaylor intends to step down from her role "in the coming months." The company has initiated a search to identify the company's next CFO. It appears much of the selling pressure is due to the CFO transition given that quarterly results topped expectations and guidance was strong.

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DOCU Price Action: DocuSign shares are down 6.07% after hours at $60.50 at the time of publication, according to Benzinga Pro.

Photo: StartupStockPhotos from Pixabay.