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Docusign Inc (NASDAQ:DOCU) shares were soaring Friday despite reporting a second-quarter earnings miss Thursday.
In a statement following earnings, CEO Dan Springer said DocuSign’s Agreement Cloud has the potential to be as big as salesforce.com, inc. (NASDAQ:CRM) one day, with customers continuing to buy in to its multiple cloud offerings.
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"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," Springer said in an exclusive interview with Benzinga.
"Our core opportunity [is that] every company is going to want to use DocuSign's capabilities."
A 'Massive Shift' To The Cloud
DocuSign reported revenue growth of 41% in the second quarter and saw billings growth of 47%.
The CEO 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.
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"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.
What The Future Holds
The vast majority will move to the cloud, Springer said, adding that he views it as a long-term secular change.
"If you look at most companies, we started in one geography and one footprint and we are expanding to multiple geographies and more product footprints," he told Benzinga.
"It’s still very early days, and there are so many growth vectors that we are going to look back in a decade and see this was really the infancy of the cloud.”
DocuSign shares were up 20.11% at $55.55 at the time of publication Friday.
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DocuSign's Era Of 'Modest Market Acceptance' Is Over, KeyBanc Says In Bullish Initiation
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.