DocuSign, Inc. ( DOCU ) shares are trading lower Friday. The company reported first-quarter financial results on Thursday after the market closed.

The Details: DocuSign ( DOCU ) reported earnings per share of 90 cents, beating the consensus estimate of 81 cents. In addition, the company reported sales of $763.70 million, beating the consensus estimate of $748.13 million, representing a 8% year-over-year climb.

The company broke down sales further, reporting subscription revenue was $746.2 million, an 8% year-over-year increase, and professional services and other revenue was $17.5 million, a 4% rise year-over-year.

DocuSign ( DOCU ) also announced a $1 billion increase to its share repurchase authorization, bringing the total remaining authorization to $1.4 billion.

The company ended the quarter with $1.1 billion in cash, cash equivalents and restricted cash and investments.

“Q1 was an important quarter for Docusign’s long-term transformation as we delivered on an ambitious product roadmap and surpassed 10,000 Intelligent Agreement Management customers,” said Allan Thygesen, CEO of Docusign ( DOCU ).

Outlook: The company sees second-quarter sales from $777 million to $781 million, versus the consensus estimate of $774.75 million.

DocuSign ( DOCU ) now sees fiscal-year sales from $3.15 billion to $3.16 billion, versus the consensus estimate of $3.14 billion. The company previously expected sales from $3.13 billion to $3.14 billion.

Following the earnings report, Wedbush analyst Daniel Ives maintained a Neutral rating on DocuSign ( DOCU ) and lowered the price target from $100 to $85.

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DOCU Price Action: At the time of publication, DocuSign ( DOCU ) stock is trading 18.4% lower at $75.81, according to data from Benzinga Pro.

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