Shares in digital document signing tools company DocuSign Inc. rose in after-hours trading after the company beat Wall Street expectations in its quarterly earnings report.

For the quarter ended April 30, DocuSign reported revenue rose 58% from a year ago, to $469.1 million. Subscription revenue rose even more, up 61%, to $451.9 million. The company reported a profit before costs such as stock compensation of 44 cents per share, up from 12 cents a year ago and 37 cents in the previous quarter.

According to Investor’s Business Daily, analysts had been predicting an adjusted profit of 28 cents per share on revenue of $437.8 million.

Highlights in the quarter included a new product release for DocuSign Agree Cloud 2020 dubbed “Release 1.” The new product capabilities included new features in DocuSign eSignature including the data visualization tool Signing Insights, improved data verification, eWitness enhancements, and eSignature for Microsoft Teams. The release also included new features in DocuSign CLM, including a new CLM 360 dashboard for assessing and managing supplier relationships.

“We’ve increasingly become the way people agree in this emerging anywhere economy — and that’s not only helping organizations continue operations during the pandemic but helping them realize new and more efficient ways of doing business in the future,” DocuSign Chief Executive Officer Dan Springer (pictured above) said in a statement.

DocuSign is predicting revenue of $479 million to $485 million for the quarter ending July 31. The estimates were slightly above what was predicted, with Wall Street analysts on average expecting July-quarter revenue of $474.2 million. For the fiscal year ending Jan. 31, 2022, DocuSign forecasts revenue of $2.027 billion to $2.039 billion.

The positive outlook drove shares in DocuSign up about 5% in after-hours trading.

Photo: DocuSign/Facebook