Cloud Stocks: Domo Needs To Open Up About PaaS Metrics

According to a recent report, the global Business Intelligence and Analytics Software market size is projected to reach $33.77 billion by 2026, from $23.94 billion in 2020, translating to an annualized growth rate of 6% in the forecast period. Utah-based Domo (Nasdaq: DOMO) recently announced its third quarter results that surpassed all market expectations. The company remains focused on product improvements and partner expansion to drive growth.

Domo’s Financials

Domo’s revenue for the third quarter grew 20% to $53.6 million, ahead of the market’s forecast by 4.98%. Non GAAP loss was $0.40 per share, better than the Street’s estimated loss of $0.44 per share.

Subscription revenue grew 24% to $46.9 million with billings growing 25% to $55.7 million. Its Remaining Performance Obligation or RPO grew 21% to $248.8 million.

For the fourth quarter, Domo forecast revenue of $53.3-$54.3 million and non GAAP net loss of $0.42-$0.46 per share. It expects to end the fiscal year 2021 with revenue of $206.6-$207.6 million and a net loss of $1.83-$1.87 a share. The market was looking for revenue of $53.3 million for the quarter and a loss of $0.44 per share and revenues of $204.05 million for the fiscal year 2021 with a loss of $1.90 per share.

Domo’s Snowflake Partnership

Domo continued to focus on its partnership and recently announced that it achieved a Premier status in Snowflake’s Partner Connect Program. Over a year ago, Domo had announced a tie-up with Snowflake that included an API integration and co-selling initiative. With this partnership, it enabled joint customers to leverage Domo’s iPaaS capabilities to manage their entire data ecosystem and easily bring additional sources of data from across their organization into Snowflake.

The achievement of the Premier Status certifies Domo’s new high-speed federated connector for Snowflake’s platform. This new native connector offers customers a simpler and quicker way to query and write back to data sets in Snowflake as well as manage their entire data ecosystem. Inside Snowflake’s Data Cloud, organizations can now integrate their siloed data, easily discover and securely share governed data, and execute diverse analytic workloads. The two companies have been working closely together to offer joint customers the flexibility, scalability, and security needed to get more leverage from massive amounts of data no matter where that data lives.

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Disclosure: All investors should make their own assessments based on their own research, informed interpretations and risk appetite. This article expresses my own opinions based on my own ...

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