DocuSign (DOCU.US), a company providing electronic signature and agreement cloud, is surging more than 15% after strong earnings beat and bullish forecast. The firm reported fiscal first-quarter earnings of $0.44 per share (+266.7% YoY), beating analysts’ expectations of $0.28 per share. Total revenue stood at $469.1 million (+58% YoY), above the consensus estimate of $436.13 million. For fiscal second-quarter DocuSign expects revenue in the range of $479-485 million against analysts’ consensus of $473.68 million.
The firm is said to have benefited from the Covid-19 pandemic that led to work-from-home schemes and the shutdown of many offices. DocuSign’s CEO says that customers are expanding their use of e-signatures for existing use cases—- and adding new ones. He believes that it is highly unlikely that customers will want to revert to the way they handled business processes before the coronavirus pandemic.
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DocuSign (DOCU.US) shares jumped and returned above both 100- and 200-day moving average. Recently the price found support at $180 and bounced off. The $234 mark should be the first resistance to watch. It is worth to notice a double top pattern on the daily chart - the mentioned $234 halted an upward move in April. If the price breaks above it in the near future, bulls might feel encouraged to attack previous highs. Source: xStation5
