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Domo, Inc. (DOMO) is a leading company that provides a cloud-based platform aimed at optimizing business performance by connecting data, systems, and people within an organization. With an impressive backing of over $500 million from top-tier investors and spearheaded by seasoned professionals from renowned technology companies, Domo ensures real-time access to data and insights, empowering every employee from the CEO to the frontline workers.
The Domo platform serves as a subscription-based service, enabling users to manage their business operations from their smartphones. Key features include real-time notifications on any device, immediate actions on invitations, and seamless write-backs to the original systems of record. This innovative approach allows businesses to stay agile, make data-driven decisions, and improve overall efficiency.
Recent achievements include expanding their customer base and continuously enhancing their platform's capabilities to meet the evolving needs of modern businesses. Domo's partnerships with various industries highlight its versatility and effectiveness in diverse business environments.
Financially, Domo has shown steady growth, driven by its strong subscription revenue model and professional services. The company's focus on continuous improvement and customer satisfaction places it as a significant player in the cloud-based business intelligence sector.
Stay updated with the latest news and developments about Domo, Inc. to understand its impact on the business intelligence landscape and its potential for future growth.
Domo announced the addition of Jay Brown to its board of directors effective October 22, 2021. Brown, a co-founder of Roc Nation and vice chairman, brings over 25 years of experience in building multibillion-dollar brands. He also co-founded Marcy Venture Partners in 2019, focusing on companies with positive values. Brown replaces Mark Gorenberg, who served on the board for a decade. CEO Josh James expressed enthusiasm for Brown's expertise in scaling businesses and enhancing customer experience, which could be pivotal for Domo's growth.
Domo (Nasdaq: DOMO) announced that Odele, a clean beauty brand, has selected Domo’s modern business intelligence platform to enhance its growth across multiple retail channels. Founded in January 2020, Odele quickly achieved profitability and aims to leverage Domo's analytics to better understand sales data and inform growth strategies. With over 1.2 million rows of data weekly, Odele plans to use these insights to optimize promotions and expand its product line. Domo enables Odele to effectively analyze data, adapting to the competitive retail landscape.
Domo has partnered with TOKAI RIKA CO., LTD, a key Toyota Group supplier, to enhance its digital transformation through Domo’s modern business intelligence platform. This collaboration aims to integrate TOKAI RIKA's disconnected legacy systems, facilitating efficient data management and improved productivity. Within three months, the accounting team reported streamlined budget monitoring and reduced manual data reconciliation across 60 departments. The initiative will expand into HR and Production Control to further boost operational efficiency.
Domo (NASDAQ: DOMO) has released its "Data Never Sleeps 9.0" infographic, analyzing online consumer behavior and digital trends amid the pandemic. The report indicates a 10% increase in internet users from January to July 2021, totaling 5.17 billion. Highlights include:
- 856 minutes of webinars on Zoom every minute.
- Netflix users watching 140 million hours daily.
- Online shopping accounting for over $283,000 spent on Amazon per minute.
This edition demonstrates the accelerating digitization and its implications for future work dynamics.
Domo has launched Sandbox, a new development and testing environment on its platform, designed to help organizations promote BI content more efficiently. This feature addresses the increasing demand for integrated business intelligence solutions, allowing data professionals and users to collaborate safely while maintaining data governance. Domo emphasizes that Sandbox enhances the software development lifecycle support, enabling quicker innovation without jeopardizing production quality. This move is crucial as businesses seek to empower more data-driven decision-makers.
Domo (Nasdaq: DOMO) has been named to the Constellation ShortList™ for Marketing Analytics Solutions for Q3 2021, marking its seventh consecutive year on the list. Over 40 solutions were evaluated based on criteria including ease of use and functional capabilities. Domo's recognition highlights its robust features, such as marketing attribution and predictive analytics. With this placement, Domo aims to assist organizations in adapting their marketing strategies, particularly in light of shifts in consumer data tracking due to the pandemic.
Domo (Nasdaq: DOMO) has been recognized in the Constellation ShortList for Cloud-Based Business Intelligence and Analytics Platforms for Q3 2021. This marks the company's tenth placement on the list and sixth in the Cloud-based Business Intelligence sector. The Constellation ShortList evaluates over 25 solutions based on client inquiries, market share, and other factors. Domo's modern BI platform empowers users to rapidly convert data into insights, aiding businesses in making informed decisions that enhance competitiveness.
Domo (Nasdaq: DOMO) will present virtually at two upcoming conferences: the Deutsche Bank Virtual Technology Conference on September 9, 2021 at 3:50 PM ET and the Jefferies Software Conference on September 14, 2021 at 2:00 PM ET. The presentations will be available via live webcast on the Domo Investor Relations website. Domo is revolutionizing business management through its Domo Business Cloud, providing modern business intelligence and accelerating operational processes.
Domo, Inc. announced its fiscal second quarter results for the period ending July 31, 2021, reporting revenue of $62.8 million, a 23% increase year over year. Subscription revenue also grew by 23% to $54.7 million, representing 87% of total revenue. Billings rose 26%, totaling $60.0 million.
Remaining performance obligations reached $286.8 million, up 24%, with $183.1 million expected to convert to revenue in the next year. GAAP net loss was $22.2 million or $0.70 per share, while non-GAAP net loss was $9.6 million or $0.30 per share.
Domo (Nasdaq: DOMO) has been recognized as a Leader in The Forrester Wave™: Augmented BI Platforms, Q3 2021. The report emphasizes Domo's strengths in providing a low-code platform for business users and a rich array of augmented BI capabilities, including data science integrations. CEO Josh James highlighted this recognition as validation of their commitment to delivering value to customers and transforming business management through data innovation. Forrester evaluated 15 augmented BI providers across 25 criteria, underscoring Domo's competitive positioning.
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