Why Domo Shares Tanked on Friday
Shares of Domo (NASDAQ: DOMO), a provider of a low-code data app platform, were slammed on Friday. As of 11:05 a.m. ET, the stock was down more than 29%.
The tech stock's decline was likely due to the company's fiscal second-quarter earnings report, which was released after market close on Thursday. Domo's bottom-line results were worse than expected. In addition, management lowered its outlook for full-year sales and provided lower-than-expected guidance for fiscal Q3 revenue.
Domo's fiscal second-quarter revenue rose 20% year over year to $75.5 million. Subscription revenue, which increased 23% year over year and accounted for $67.4 million of its total revenue, was the primary driver of this growth. But analysts were expecting fiscal Q2 sales of about $76.4 million. The company's adjusted loss per share of $0.26, however, beat analysts' average forecast for a loss of $0.33 per share.
Source Fool.com
