Domo (NASDAQ:DOMO) stock is falling hard on Friday after the cloud company released its second-quarter earnings report for fiscal 2024.
Starting off that earnings report is an adjusted loss of 2 cents. That’s much better than the loss of 9 cents per share Wall Street was expecting. Adding to that, it marks a major improvement over the company’s per-share loss of 25 cents from the same period of the year prior.
Likewise, Domo reported strong revenue of $79.67 million in the second quarter of the year. Yet again, that comes in above the $78.9 million that analysts were looking for. It also represents a roughly 5.5% increase year-over-year (YOY) compared to $75.53 million last year.
Josh James, founder and CEO of Domo, said the following in the earnings report:
“I’m excited about the momentum in consumption pricing; we believe this will drive improved relationships with customers and enable meaningful impact to our business model. I’m also thrilled with our advancements in AI and the new possibilities it will deliver for customers to innovate and grow. I feel confident we have the right priorities, roadmap and people to drive Domo’s long-term growth.”
Guidance Slams DOMO Stock
Unfortunately, the company’s fiscal 2024 guidance didn’t help Domo stock today. It expects losses per share to range from 39 cents to 47 cents alongside revenue of between $316 million and $320 million. To put that in perspective, Wall Street is expecting per-share losses of 35 cents on revenue of $325.52 million for the year.
DOMO stock is down 36% as of Friday morning.
Investors looking for more of the greatest stock market news today will want to stick around!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
