Is Domo Exploring A Platform Strategy?

According to a TechNavio report published last year, the global business intelligence market is expected to grow 8% over the next few years driven by the need for businesses to improve their efficiency. The Americas account for the biggest share of the market with 44% share, followed by EMEA and APAC. Utah-based Domo (Nasdaq: DOMO) is a leading cloud-based provider of BI tools. Earlier this week it reported its fiscal fourth-quarter results that surpassed all market expectations.

Domo’s Financials

Domo’s revenues for the quarter grew 31% over the year to $39.4 million with subscription services accounting for 81% of the total revenue. The quarter’s billings grew 26% over the year to $57.2 million. It ended the quarter with a net loss of $29.9 million and an adjusted net loss of $0.94 per share. The market was looking for revenues of $37.8 million with a net loss of $1.24 per share.

By segment, Domo’s subscription revenues grew 30% over the year to $31.93 million. Professional services revenue grew 38% over the year to $7.48 million.

It ended the year with revenues growing 31% over the year to $142.5 million and a net loss of $154.3 million. On an adjusted basis, it reported a net loss of $8.31 per share.

For the current quarter, Domo forecast revenues of $40-$41 million with a net loss of $1.30-$1.26 per share. It expects to end the year with revenues of $173-$174 million and a net loss of $4.07-$3.99 a share. The market was looking for revenues of $39.2 million for the quarter with a net loss of $1.40 and revenues of $170.1 million for the year with a net loss of $4.27 a share.

Domo’s Product Upgrades

During the recent quarter, Domo announced its new Domo Integration Cloud, a new iPaaS solution that will simplify and securely manage the implementation and management of an organization’s data ecosystem. The Integration Cloud leverages Domo’s back-end data integration and management features and offers them as a unified iPaaS offering. It is a unified solution that brings together data from across an organization into a securely managed platform, while comprehensively addressing data integration, access, and governance.

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