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.

Domo continued to be recognized for its products and services. Domo was ranked an Overall Experience and Credibility Leader in the Dresner Advisory Services’ 2020 SME BI study. For the ninth year in a row, it was ranked as a Utah business best company to work for. For the fifth consecutive year, it won the Cloud Award for Best Cloud Business Intelligence or Analytics Solution by international Cloud Computing Awards program.

Domo’s platform counts on three key pillars for differentiation. The first is its data integration capabilities to sell back-end integration at cloud scale without moving data. The second is its ability to drive insight and action with AI. Finally, the third is its ability to build data-driven apps in a low-code, no-code way that can modernize business processes at high speed and extend the value of data analytics and insights outside the organization to customers and partners.

It provides a cloud-native platform that combines iPaaS capabilities for data integration, visualizations for real-time and predictive insights, and a foundation for organizations to build their own apps to take immediate action on those insights. But, it has not, as yet, shared detailed statistics around PaaS within the Domo product roadmap. Read my opinion on Paas companies here: Cloud Stocks: Which SaaS Players Will Win in PaaS.

Domo’s stock is currently trading at $70.86 with a market capitalization of $2.12 billion. It touched a 52-week high of $79.00 earlier this month and a 52-week low of $7.62 in March last year.