This post was originally published on this site
Full-year revenue is now expected in the range between $316.0 million and $320.0M, lower than the previously forecasted $323M-$330M, and lower than the estimate of $326M.
Adjusted loss per share is seen within the range of 39 cents to 47 cents, previously projected as a loss of 27 cents to a loss of 39 cents, and worse than the expected loss of 35 cents per share.
For this quarter, the company sees an adjusted loss per share of 12 cents on revenue of $79M, worse than the consensus for a loss per share of 6 cents on revenue of $82M.
As far as the company’s Q2 results are concerned, DOMO reported a loss per share of 2 cents, better than the expected loss of 9 cents. The company’s revenue for the quarter amounted to $79.7M, slightly ahead of the consensus estimate of $78.9M.
“Domo’s data experience platform helps companies of all sizes put data to work for everyone so they can multiply their impact on the business with real-time insights and action,” said Josh James, founder and CEO of Domo.
Still, TD Cowen analysts downgraded DOMO stock to Market Perform from Outperform, citing new competitive challenges.
“We think DOMO has become a victim of vendor consolidation given the tougher macro & elevated budget scrutiny, with mgmt noting that some enterprise customers & prospects are looking to consolidate disparate BI tools in order to lower TCO. Mgmt called out elevated competitive dynamics in deals, which we believe to be MSFT/Power BI, and DOMO expects a handful of large customers to churn in 2H,” they said in a note.
JMP analysts cut the PT by $7 to $23 per share on DOMO stock, reflecting a “very disappointing” guidance.
