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DocuSign Rises on Q3 Earnings Beat

The e-signature company beat consensus estimates for both net income and revenue.

Shares of DocuSign  (DOCU) - Get DocuSign, Inc. Report were rising Thursday afternoon after the cloud-based electronic signature solutions firm reported quarterly results that handily beat consensus analyst estimates.

For its fiscal third quarter ending in October, DocuSign earned non-GAAP net income of $0.22 per share, compared to expectations of $0.13 per share and results of $0.11 in the same period last year.

Shares were rising 7.1% to $247.13 in after-hours trading, after having risen 6.1% during the day’s trading.

Total quarterly revenue was $382.9 million, an increase of 53% year over year, compared to expectations for $361.2 million. Subscription revenue grew 54% year over year to $366.6 million, and professional services and other revenue increased 43% to $16.3 million.

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"As companies accelerate the digital transformation of their business and agreement processes, DocuSign's role as an essential cloud platform continues to grow," said Dan Springer, DocuSign CEO. "Our Q3 results reflect that tailwind, as well as the immediate and long-term value that customers see from eSignature and our broader Agreement Cloud."

For the quarter ending in January, the company expects total revenue of $404 million to $408 million, compared to analyst expectations of $387.4 million.