Why DocuSign Stock Dropped Like a Rock Today
Shares of e-signature software company DocuSign (NASDAQ: DOCU) dropped like a rock on Friday after the company announced financial results for the fourth quarter of 2023, gave guidance for its fiscal 2024, and announced a change to its leadership. As of 11:45 a.m. ET, DocuSign stock was down 19%.
During the third quarter of fiscal 2023, DocuSign's management gave guidance for multiple items. It met or exceeded guidance on all counts.
Specifically, Q4 revenue of almost $660 million was far ahead of its guidance of $637 million to $641 million. Moreover, billings of $739 million were up 10% year over year and above management's guidance of $705 million to $715 million.
Source Fool.com
