Docusign Inc (NASDAQ:DOCU) shares sprang up Monday, despite reporting a second-quarter earnings miss Thursday.
CEO Dan Springer said DocuSign’s Agreement Cloud has the potential to be as big as salesforce.com, inc. (NYSE:CRM) one day, with customers continuing to buy in to its multiple cloud offerings.
Said Springer, "The most important thing is that we are very long-term focused. We just want to make sure [the stock] is moving up and to the right.
"Our core opportunity [is that] every company is going to want to use DocuSign's capabilities."
The San Francisco-based DOCU reported total revenue was $235.6 million, an increase of 41% year-over-year. Subscription revenue was $220.8 million, an increase of 39% year-over-year. Professional services and other revenue was $14.8 million, an increase of 72% year-over-year.
GAAP net loss per basic and diluted share was $0.39 on 175 million shares outstanding compared to GAAP net loss per share of $0.22 in the second quarter of fiscal 2019 on 166 million shares outstanding.
Springer did not dismiss the possibility of acquiring companies in the future or ultimately being acquired by a bigger player, something he says as a public company is out of their control.
Cloud adoption is still in the early stages of growth, Springer said.
"We are definitely in the early innings of the massive shift of on-premise to cloud," he said, noting there is still a substantial portion of the software world that is on-premise.
Shares began Monday ahead $1.52, or 2.7%, to $57.79.
