Uddrag fra ABG’s analyse af Penneo:
- DocuSign down 42% on COVID slowdown …
- … as billings and Q4 guidance fail to meet expectations
- Different geos and offerings, FVR DKK 20-37 (24-47)
Key peer DocuSign punished badly for billings and outlook
DocuSign traded down 42% on Friday after the release of its Q3 report. Billings (a leading indicator) and revenue guidance for Q4 missed FactSet cons. by 7% and 3%, respectively. The company sees slowing demand and less urgency in clients’ buying patterns as COVID tailwinds have turned more quickly than anticipated. Q4 billing guidance of 21-23% growth y-o-y is lower than pre-pandemic levels, which is due (according to management) to a necessary shift in sales focus from simply meeting excessive demand during the last six quarters to generating new demand.
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