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By Dhirendra Tripathi
Investing.com – DocuSign stock (NASDAQ:DOCU) traded lower in Friday’s premarket as the company’s higher guidance fell short of expectations.
The company is now forecasting a maximum 39% jump in its annual revenue which, compared with 49% on-year growth in the previous financial year, reflects a slowdown from the first waves of the pandemic.
DocuSign, like many digital-based companies, benefited immensely during the pandemic as companies embraced its solutions to onboard employees and manage workflow. With more companies going back to the office work model, that business may be past its peak for now, even if its trajectory is still higher than before Covid-19 erupted.
The company now sees its annual revenue at $2.08 billion at midpoint, an increase of some 2% from its June guidance.
In the ongoing quarter, the company sees revenue of $529 million at midpoint.
Total revenue in the second quarter was $511.8 million, up 50%.
Adjusted profit per share more than tripled to 47 cents per share. Both revenue and EPS came ahead of expectations.