Domo, Inc. Reports Modest Revenue Growth in Fiscal Q3 2024

Domo, Inc. has released its financial results for the third fiscal quarter of 2024 which concluded on October 31, 2023. The reported total revenue reached $79.7 million, marking a 1% increase year over year. The company's subscription revenue rose to $71.3 million, achieving a 3% increase compared to the previous year. This growth indicates that subscription services continue to be the core revenue generator for Domo, constituting 89% of the total revenue.

Performance Highlights

The company's billings edged up to $74.8 million, a modest increase of 1% year-on-year. Domo also reported its Remaining Performance Obligations (RPO) being at $367.2 million as of the end of the quarter, which is 4% higher than the previous year. The expected recognition of RPO revenue over the next 12 months remained stable at $230.8 million.

Profitability and Loss

Net loss reported for the quarter was $16.4 million, with a loss per share of $0.45 based on 36.3 million weighted-average shares outstanding. However, when assessing non-GAAP metrics, the net loss was $24.0 thousand, effectively breaking even at $0.00 non-GAAP net loss per share. Operating margins showed an increase, with GAAP operating margins up by 9 percentage points and non-GAAP operating margins up by 5 percentage points year over year.

Future Outlook

The business outlook provided by Domo for its fiscal Q4 2024 anticipates revenues to be within the range of $79.0 million to $80.0 million. They predict a non-GAAP net loss per share to be between $0.05 and $0.09. The full fiscal year 2024 sees expected revenues ranging between $317.8 million to $318.8 million, representing 2-4% year-over-year growth.

Domo, Revenue, Earnings