DOCU - DocuSign's drop drags on Adobe Snowflake and other software stocks

Companies involved in the Software as a Service [SaaS] sector took it on the chin Friday, with big losses from DocuSign (NASDAQ:DOCU) leading the slide in the wake of its middling revenue outlook and disappointing earnings results. DocuSign (DOCU) slid early, and remained down by 25% as investors and Wall Street analysts' sussed out the electronic signature company's outlook. Late Thursday, DocuSign (DOCU) said that it expects its second-quarter revenue to be in a range of $600M to $604M. However, that outlook suggested sales could come in below the $603.4M that analysts had previously forecast. DocuSign (DOCU) also said that things might not improve through the rest of the year. The company said its full-year billings, a key measure of the company's health, are now expected to be between $2.52B and $2.54B compared to an earlier estimate of $2.71B to $2.73B. Dan Ives, of Wedbush Securities, called DocuSign (DOCU) "the poster child"

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DocuSign's drop drags on Adobe, Snowflake and other software stocks