Shares of DocuSign (DOCU) are down 7% after the company posted its latest financial results and updated its outlook for the remainder of this year.
The company that specializes in digital signatures and contract management software reported earnings per share (EPS) of $0.82 U.S., ahead of Wall Street expectations of $0.79 U.S.
Revenue in the latest quarter came in at $709.6 million U.S., up 7% from a year ago and above Wall Street consensus forecasts of $707 million U.S.
Subscription revenue totaled $691.5 million U.S., up 8% from a year ago. Billings were $709.5 million U.S., up 5% year-over-year.
The company has struggled since the Covid-19 pandemic ended and has been trying to turnaround its business.
However, the stock is down as analysts had been hoping to see a return to double-digit revenue growth at DocuSign, which flourished during pandemic lockdowns.
In terms of guidance, the company lifted its full-year outlook, saying it expects revenue of $2.92 billion U.S. to $2.93 billion U.S.
DocuSign also announced a new $1 billion U.S. stock repurchase program, which is on top of the $140 million U.S. remaining on its current buyback.
The stock of DocuSign has declined 5% over the last 12 months and currently trades at $54.60 U.S. per share.