DocuSign crushed Wall Street expectations in its first quarter as a public company, continuing a strong post-IPO run for the digital signature giant.
DocuSign reported earnings of $0.01 per share on $155.8 million in revenue — up 37 percent over a year ago — well ahead of analyst expectations of losses of $0.07 per share on $146.16 million in revenue. DocuSign also reported a slight profit for the quarter with $1.5 million in net income, compared to losses of about $8.5 million at this time a year ago.
The company added 30,000 new customers, bringing its base to more than 400,000 worldwide.
Following the positive earnings news, DocuSign shares spiked 8 percent in after-hours trading. That continues a trend of a skyrocketing stock that has more than doubled from the price the company originally expected to trade for.
DocuSign originally gave a stock price range of $24 to $26 for its IPO, then later raised it to $26 to $28. The company priced its stock at $29 and it opened even higher on its first day of trading April 27 at $38. The stock has climbed another 44 percent since then. The company’s surging stock has brought its market value to nearly $8.7 billion.
At the end of the quarter, DocuSign employed 2,376 people across 13 offices. DocuSign originally started in Seattle and later relocated its headquarters to the San Francisco Bay Area. However, its Seattle office at the 999 Third Avenue tower remains its largest, with approximately 850 people.
DocuSign has raised more than $500 million since it was founded in 2003 and expanded beyond its early work in digital signatures into a range of electronic contract and business technologies. The company is helmed by Daniel Springer, who previously took marketing company Responsys public in 2011 and sold it to Oracle in 2013 for $1.5 billion.