Shares of DocuSign (NASDAQ:DOCU) jumped on Friday, rising as much as 23.9%. As of 10:30 a.m. EDT, the stock was up about 20%. The stock's gain follows the e-signature and electronic-document specialist's second-quarter results of fiscal 2020.
Bullishness for the stock is likely related to the company's better-than-expected quarterly revenue and its strong guidance.
DocuSign reported second-quarter revenue of $235.6 million, up 41% year over year. On average, analysts had been expecting revenue of $220.9 million. Non-GAAP (adjusted) earnings per share for the period were $0.01, down from $0.03 in the year-ago period and below analysts' average forecast for adjusted earnings per share of $0.04.
"With revenue growth exceeding 40% and billings growth at 47%, our second quarter performance reflects our clear leadership position in e-signature and increasing adoption of our broader Agreement Cloud offering," said DocuSign CEO Dan Springer in the company's second-quarter earnings release.
The tech company's outlook was strong. Management said it expected its fiscal third-quarter revenue to be between $237 million and $241 million -- ahead of a consensus analyst forecast for $232 million. The company also raised its full-year outlook, with management guiding for fiscal 2020 revenue between $947 million and $951 million, up from a previous forecast for revenue between $917 million and $922 million.