Domo Analysts Slash Their Forecasts After Q1 Results

Domo, Inc. DOMO reported mixed first-quarter financial results and issued second-quarter guidance below estimates on Thursday.

Domo posted adjusted loss of 33 cents per share, wider than market expectations for a loss of 23 cents per share. The company's sales came in at $80.103 million versus estimates of $79.492 million, according to data from Benzinga Pro.

“We’re hyper-focused on returning to growth, and feel optimistic about early signals from our strategic initiatives such as partner collaborations, consumption momentum and multi-use case customers,” said Josh James, founder and CEO, Domo. “Domo is a compelling solution for the current data and AI environment. We’re confident that our strategic priorities will continue to reinforce our competitive position.”

Domo said it sees second-quarter adjusted loss of 30 cents to 26 cents per share, versus market estimates for a loss of 7 cents per share. The company projects quarterly revenue of $76 million to $77 million versus expectations of $79.753 million.

Domo shares fell 2.6% to close at $7.13 on Thursday.

These analysts made changes to their price targets on Domo after the company reported quarterly results.

• Lake Street cut the price target on Domo from $15 to $8. Lake Street analyst Eric Martinuzzi downgraded the stock from Buy to Hold.
• Morgan Stanley slashed Domo price target from $13 to $7. Morgan Stanley analyst Sanjit Singh maintained an Equal-Weight rating.

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