How Coronavirus Is Accelerating DocuSign's Growth
For most companies, the COVID-19 crisis has been a challenge to be endured. The crisis has also acted as a catalyst to push some changes in business practices that were already in place. Digital signatures and remote work are two of these. DocuSign (NASDAQ: DOCU) recently reported its first-quarter earnings (as of April 30, 2020), and gave an update on its business. The main story from the earnings release is that COVID has encouraged companies to adopt DocuSign's products and services.
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First-quarter results were strong, as revenues increased 39% to $297 million and billings rose 59% to $342 million. eSignature was the main driver for the increase, and is usually the customer's first introduction to the company's offerings. The company views eSignature adoption as sort of a leading indicator for future revenues. The company added nearly 68,000 new customers, bringing its count to almost 661,000.
Source Fool.com
