Domo plunges to three-year low on FY forecast cut, ratings downgrade

Domo

25/08/2023 16:13

** Shares of cloud-based data provider Domo  DOMO.O  fall as
much as 43.1% to its three-year low of $9.71 
    ** Stock on track to record worst day of percentage decline
if losses hold  
    ** Co cuts FY revenue forecast to $316 mln-$320 mln from
previous range of $323 mln-$330 mln
    ** Reports Q2 billings of $70.6 mln, down 2% from a year
earlier
    ** However, Q2 revenue beats ests at $79.7 mln; posts adj.
loss per share of 2 cents vs loss ests of 9 cents/shr -
Refinitiv    
    ** Brokerage TD Cowen downgrades co to "market perform" from
"outperform", citing macro headwinds and higher budget scrutiny;
cuts PT to $14 from $20 
    ** Morgan Stanley trims PT on the stock to $15 from $16
    ** DOMO down 32.2% YTD

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))