Bearish stock to watch: Docusign Inc (NASDAQ: DOCU)

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Docusign Inc (NASDAQ: DOCU) stock continued its bearish momentum, and fell 0.3% on 8th June, 2020 (as of 11:39 am GMT-4; Source: Google finance) after the company for the fiscal first quarter has reported a net loss of $47.8 million compared to a loss of $45.7 million, in the year-prior period. Though the company has posted better than expected results for the first quarter of FY 21 and gave an upbeat forecast for the current quarter. The company’s sales comprised of $280.9 million in subscription revenue and $16.1 million in professional services and other revenue. DocuSign has generated billings of $342.1 million, up from $215 million a year earlier, while the FactSet consensus was for $285.1 million. This strong growth was on the back of used case expansion across a broad cross section of the installed base, as well as adoption by new customers. Strong sales led by the eSignature solutions also led to a 59% year-over-year increase in first quarter billings. DocuSign has added more than 10,000 net new direct customers in the first quarter as well as 58,000 self-service customers. The company’s operating cash flow in the first quarter increased about 30% year-over-year to $59 million, compared to $46 million in the same quarter a year ago.

DOCU in the first quarter of FY 21 has reported the adjusted earnings per share of 12 cents, beating the analysts’ estimates for the adjusted earnings per share of 10 cents, according to the FactSet consensus. The company had reported the adjusted revenue growth of 39 percent to $297 million in the first quarter of FY 21, beating the analysts’ estimates for revenue of $281 million. Subscription revenue rose 39% year-over-year to $281 million. The company saw similar strength outside the U.S., as total international revenue rose more than 46% year-over-year to $55 million. The company posted total non-GAAP gross margin for the first quarter of 79%, which is consistent with a year ago. Subscription gross margin has fallen to 84%, compared to 86% a year ago.

For the second quarter of 2021, DocuSign expects revenue to be in the range of $316 million to $320 million and billings to be in the range of $333 million to $343 million. Analysts surveyed by FactSet had been projecting $303 million in revenue and $328 million in billings. The company expects subscription revenue to be in the range of $298 million to $302 million in Q2, and to be in a range of $1.243 billion to $1.247 billion for fiscal 2021.

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