Docusign Stock Takes a Hit Despite Strong Earnings Report

Docusign's stock dropped 12% in June due to uninspiring Q1 earnings and analyst price target cuts. The company's revenue rose 8% YoY to $764mln, but billings were 4% higher at $740mln, falling below the midpoint of guidance. Docusign cut its FY22 billings guidance and rolled out its Intelligent Agreement Management platform, which may have contributed to the disappointing billings performance. Despite this, the company's solid business and recent advancements in product functionality make it a potentially bullish investment.