Q1 2025 Earnings Conference Call Recaps: DocuSign (DOCU)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers DocuSign’s (DOCU) Q1 2026 earnings call.
DocuSign (DOCU) provides cloud-based software for automating the agreement process, best known for its eSignature product but now expanding into a broader platform called Intelligent Agreement Management (IAM). The IAM platform integrates AI to streamline how organizations create, execute, and manage contracts, offering features like biometric ID verification, automated risk review, and obligation tracking. With more than 1.7 million customers globally, DOCU serves a wide range of industries from financial services to healthcare to government. DOCU’s Q1 call centered on the rapid adoption of IAM, which now has over 10,000 customers and is contributing to stronger product usage and upsell potential. IAM self-serve launched in April and added nearly 1,000 customers within three weeks, while international IAM deals grew over 50% sequentially. Although billings growth came in at 4%, slightly below guidance due to earlier-than-expected drops in early renewals, usage trends hit multi-year highs and net dollar retention improved to 101%. DocuSign also unveiled a slate of new AI-powered tools and reaffirmed its commitment to building a long-term, efficient growth engine. DOCU added another triple play under its belt, its seventh in the last nine quarters, but the stock fell 19% on 6/6 on AI growing pains that are impacting billings growth…
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Chart of the Day – Historic Rallies
Bespoke’s Morning Lineup – 6/9/25 – Industrials Leading the Way
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“If I have to go around telling everyone how great I am, then there’s something wrong with my act.” – Les Paul
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
It’s a generally quiet morning in markets ahead of what could be a busy day, depending on how a trifecta of potential catalysts play out. First, US-China trade talks will resume in London in London, and then we could also get an update from the Senate with its version of the reconciliation bill and what changes it made to the House’s version. To round out the trifecta, Apple (AAPL) will be holding its annual Worldwide Developer Conference (WWDC). In last Wednesday’s Chart of the Day, we looked at how the stock typically performs leading up to and after the conference, so make sure to check that out, if you haven’t yet.
The S&P 500 closed above 6,000 for the first time since 2/21, and with a gain of just over 2%, it’s firmly back into positive territory for the year. Overall breadth on the year has also been strong as eight sectors are up YTD, and just three – Consumer Discretionary (-6.8%), Energy (-3.4%), and Health Care (-2.6%) are in the red. The only other sector that’s underperforming the S&P 500 this year is Technology (1.1%), and because it’s easily the largest sector, that’s why so many sectors are outperforming, including five sectors that are up over 5%. The best performing sector, though, is Industrials which finished last week up just shy of 10% for the year.
The technical picture for Industrials also looks positive. For about the last month now, the sector has been trading right around its highs from late last year, and while it was acting as resistance, just last Friday, it broke out to new highs just as the rising 50-DMA looks like it’s on track to cross back above the 200-DMA. Late last year, we were positive on the Industrials sector given the trend of onshoring and less regulation in a second Trump administration, and that has, so far, played out this year.
Brunch Reads – 6/8/25
Welcome to Bespoke Brunch Reads — a linkfest of some of our favorite articles over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
Big Brother is Watching You: When George Orwell’s 1984 hit shelves on June 8, 1949, it was a jolt to the spine of postwar society. With World War II still fresh in memory and the Cold War beginning, Orwell offered a disturbing vision of the future that felt eerily plausible. The world he described, one of total surveillance, thought control, and rewritten history, resonated with readers who had seen firsthand the rise of fascism and the spread of Stalinism.
1984 quickly drew praise and unease in equal measure. Critics recognized it as a masterwork of dystopian fiction, but also a warning. It was an attempt by Orwell, already weakened by illness, to leave behind a final, urgent message. He wrote it while battling tuberculosis, often working in isolation on the island of Jura off the coast of Scotland.
On that June day in 1949, readers opened the book and met Winston Smith, Big Brother, and the terrifying machinery of the Party. Seventy-five years later, the phrases “Orwellian,” “doublethink,” and “thoughtcrime” are part of our cultural lexicon, a testament to how prophetic that day’s publication turned out to be.
Economic Trends
The stunning decline of the preference for having boys (The Economist)
After decades of skewed birth ratios caused by sex-selective abortions, especially in parts of Asia, the tide has finally started turning. The number of “missing” girls at birth has dropped from 1.6 million in 2000 to around 200,000 today. That’s huge progress, but now something new is happening: a tilt toward preferring daughters, and it has to do with how people feel about raising kids today. It’s not causing the same harm, but it does lead to some interesting questions about where all this could lead, especially if tech makes choosing a child’s sex even easier down the line. [Link]
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Daily Sector Snapshot — 6/6/25
The Bespoke Report – 6/6/25
To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. In this week’s report, we cover everything happening across financial markets after another wild week.
S&P Giants and Record Highs
Within the S&P 500, 32 stocks now have market caps of at least $250 billion. Of those, four have traded at all-time highs today. Microsoft (MSFT) is the largest of these with a market cap of roughly $3.5 trillion. As for the rest of the Magnificent Seven members, there’s a variety of where they are trading relative to their respective all-time highs, with ones like NVIDIA (NVDA) within 5%, whereas Tesla (TSLA) and Apple (AAPL) are down over 20%. The two major payment processors, Visa (V) and Mastercard (MA), are the next two largest stocks at record highs, followed by Big Blue: IBM (IBM). While not closing out the week at a record, there’s another four stocks that hit record highs this week, including Netflix (NFLX), Philip Morris (PM), Broadcom (AVGO), and Palantir (PLTR).
While there are plenty of names with recent highs, three stocks trace their records to much longer ago. Bank of America (BAC) last traded at record highs way back in November 2006, and General Electric (GE) and Cisco (CSCO) have all-time highs from around 25 years ago. These three stocks are currently down double-digit percentages from those highs, but some are seeing interesting developments.
Below, we show the three aforementioned stocks with all-time highs dating back the furthest. General Electric (GE) and Cisco (CSCO) are both on the verge of long-term breakouts after moving above long term resistance in recent months. Those rallies mean the next resistance levels to watch are their early 2000s highs. As for BAC, price has come off the worst levels, but the highs from 2022 and this past spring would act as more tangible resistance before the 2006 all-time high comes into the picture.
The 50% Club Keeps Growing
As the S&P 500 flirts with closing 20% above its April 8th closing low, there have been several strong performers helping to drive the gains, and very few losers, with only 56 stocks in the index trading lower. While the rally has been broad, the largest stocks in the index have been driving the gains. Even as the index is up just over 20%, the average performance of the 500 individual companies has been four percentage points lower at 16.1%.
Of the S&P 500’s biggest winners since 4/8 as of Friday afternoon, 19 stocks in the index have rallied 50% or more. A 50% rally over a year or two is incredible enough, but a surge of 50% in less than two months is rare, especially for a large-cap stock. The table below lists each of the stocks that have rallied 50%, and if there’s one theme that immediately stands out, it’s that Technology has been driving the surge. Eight of the 19 stocks listed are from the Technology sector, including three of the top four. The best-performing stock off the April low has been Seagate Technology (STX), which has nearly doubled. After Technology, the next most heavily represented sectors are Industrials and Utilities (yes, Utilities!) with three each.
Of the 56 stocks that are lower since April 8th, only 14 have declined by double-digit percentages. Leading the way to the downside, UnitedHealth (UNH) has plunged over 45%. Along with UNH, Humana (HUM) is down close to 20% and just two others are down over 15%. While Technology has been popular on the leader board, Health Care accounts for more than half (8) of the 14 biggest losers. Looking through the names listed, they’re primarily defensive, so you wouldn’t expect them to outperform during a period like the last two months, but double-digit declines? Someone get these stocks a doctor!
Bespoke’s Morning Lineup – 6/6/25 – There’s an Employment Report Today
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“The greatest discovery of the 21st century will be the discovery that Man was not meant to live at the speed of light.” – Marshal McLuhan
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Given all the drama coming out of DC, you can’t be faulted for forgetting there’s an employment report today, but that is probably what should receive the most focus this morning from the markets. Whether it does is another story altogether. Heading into the report, US equity futures have bounced from Thursday’s close as they look to erase much of yesterday’s losses. European stocks are pretty much unchanged, while Asian equities were mixed with modest gains and losses. In the Treasury market, yields are little changed, as is the case with crude oil, even as gold, silver, and Bitcoin see modest gains.
Yesterday’s spat between Elon Musk and President Trump sucked all the oxygen out of the room when it comes to news and overshadowed every other major geo-political event that the market had been focused on heading into the day. The argument also sucked a lot of the market cap from Tesla (TSLA) stock as it fell more than 14% for its third double-digit percentage decline this year! While the declines have been painful, TSLA has also experienced two double-digit percentage rallies this year, including a 22.7% gain on 4/9, which was its largest one-day gain since May 2013. In other words, the stock has been volatile, even by the standards of TSLA.
Yesterday, on an intraday basis, TSLA plunged 11.7%, which was just the 14th time since its IPO in 2010 that the stock declined by double-digit percentages from the open to close and the second time this year. We’d also note that the 21.1% rally from the open to close on 4/9 was the stock’s second-largest open-to-close rally in its history.
While TSLA has been volatile, it hasn’t made a lot of headway. With the stock closing yesterday at $284.70, it was 3 cents–yes, CENTS–higher than where it opened after Election Day last November. There have been some major moves within those six months, but for all the talk about how Musk’s support of Trump was just a sinister ploy to buy influence and enrich himself, the stock’s performance says otherwise. While the stock hasn’t done much since the election, over the last year, shares have rallied just under 60%, which is nearly six times the 11% gain of the S&P 500.
YTD performance within the mega-cap tech space looks like a pack of FruitStripe gum. At the top of the performance list, Meta Platforms (META), Broadcom (AVGO), and Microsoft (MSFT) have all experienced double-digit percentage gains this year, while TSLA, Apple (AAPL), and Alphabet (GOOGL) have seen double-digit percentage declines. In between, Nvidia (NVDA) and Amazon.com (AMZN) have modest gains or losses.
From a shorter-term perspective, the disparities are nearly as wide. While AAPL and TSLA are both modestly below their 50-DMAs, AVGO headed into last night’s earnings report nearly 30% above its 50-DMA while NVDA, META, and MSFT were all at least 10% above that level. While often thought of as a monolith with the stock market, when it comes to performance, mega-cap tech has been in as much unison as political discourse at a holiday dinner.
The Closer – Oval Office Soap Opera, Trade, Housing – 6/5/25
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, after reviewing the market fallout from the drama between the President and Elon Musk (page 1), we check in on claims data and a host of other macro topics (page 2). We then review the latest update to trade data (page 3) before diving into the latest housing data from Realtor.com (pages 3 and 4) and the ICE (page 5).
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