Shares DocuSignThe stock plunged up to 21% Friday, after e-signature Software maker reported fiscal first quarter earnings that were below analysts’ expectations.

DocuSign Thursday reportedWall Street expected 46 cents per shareholder, but the adjusted earnings per share were 38 cents. DocuSign saw its quarter’s performance fall short of expectations. DocuSign reported revenue at $588.7million, in comparison to the consensus estimate of $581.8million.

DocuSign experienced a huge boost in its business during the initial months of the coronavirus outbreak due to increased online transaction. But, the company has seen a slowdown in recent quarters and faces difficult comparisons to extraordinary growth in 2020 and 2021. On Thursday, DocuSign stated that the company has faced challenges because of the worsening macroeconomic conditions, especially the War in Ukraine.

There are many firms that offer this service, including Evercore ISI Bank of America, Bank of America, and William Blair. downgraded the stockAfter the earnings report. Jake Roberge of William Blair downgraded DocuSign’s market performance to Market Perform, citing DocuSign’s lower-than-expected billings guidance in fiscal 2023.

Roberge stated that DocuSign had projected billings growth of 7%-8% for the year. This is “not in line with DocuSign’s previous guidance, which called for 15% growth.”

DocuSign customers aren’t churning on the platform. DocuSign customers have been reducing platform consumption due to pandemic spikes as their contracts expire. Roberge added that DocuSign will be scaling back its employee hiring goals for this year, in order to concentrate on profitability.

He said that DocuSign stock would remain “range-bound” over the following quarters due to lack of catalysts and limited management visibility.

— CNBC’s Jordan Novet contributed to this article.

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