DocuSign shares are down more than 40% as customer behavior changes

DocuSign Inc.’s shares fell 42% on Friday after the company warned consumers were returning to more normalized buying patterns with the widespread rollout of Covid-19 vaccines and the gradual return to work.

The maker of the e-signature software missed out on a key revenue gauge during the October quarter, raising $ 565.2 million in billing, which was lower than previous guidance between $ 585 million and $ 597 million. Invoicing reflects sales of new customers, subscription renewals and additional sales for existing customers, the company said.