Domo slumps on revenue miss, cut in FY rev outlook

Domo

26/08/2022 16:00

** Cloud based software co Domo Inc's shares  DOMO.O  down
~17% at $22.2, to touch a more than a two-year low
    ** DOMO cut FY 2023 revenue outlook to a range of $305 mln
to $310 mln from $315 mln to $319 mln announced previously
 urn:newsml:reuters.com:*:nBw9HxXsja
    ** Co reports revenue of $75.5 mln, missing estimates of
$76.4 mln
    ** Cowen and Company cuts PT to $35 from $50, says previous
sales leadership's strategy responsible for poor Q2 turnover
    ** "The company is entering the back half of the year with
lower-than-planned ramped sales capacity, which will weigh on
new wins" - William Blair
    ** 4 brokerages rate the stock "buy" or higher; their median
PT is $43
    ** Stock had fallen ~42% compared with a ~19% decline in the
NASDAQ composite index  .IXIC 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))