DocuSign Inc. sine. stock DOCU,
fell 23% in expanded trading on Thursday after the electronic documents company reported revenue for the first quarter that exceeded analysts’ forecasts, but fell to short-term earnings. DocuSign reported a net loss of $ 27.4 million, or 14 cents per share, compared to a net loss of $ 8.35 million, or 4 cents per share, in the quarter last year. Adjusted earnings were 38 cents per share. Revenue increased 25% to $ 588.7 million from $ 469.1[ads1] million a year ago. Analysts surveyed by FactSet had expected average net earnings of 46 cents per share on revenue of $ 583 million. DocuSign issued a second-quarter revenue guidance of between $ 600 million and $ 604 million, at the low end of analysts’ forecast of $ 601 million. “With over a billion users worldwide, the proven value of our products and the significant opportunity we have ahead of us, we are confident in our ability to successfully navigate the challenges of a dynamic global environment,” said DocuSign CEO Dan Springer. in a statement. Shares in DocuSign have fallen 43% this year, while the broader S&P 500 index SPX,
has fallen 16%.