Domo, Inc. (DOMO) experienced a decline of 10.97% in the aftermarket following the announcement of third-quarter 2021 results. However, the last trading session concluded at $65.15 with an incline of 1.43%.
Third Quarter 2021 Results by DOMO – What’s going on?
DOMO announced third quarter 2021 results on 2nd December 2021. Total sales were $65.1 million, 21% more than the previous year. Moreover, subscription income increased by 21% year over year to $56.6 million. Not only this, but the income from subscriptions accounted for 87 percent of overall revenue.
Billings also increased by 26% year over year to $70.2 million. Furthermore, the remaining performance obligations (RPO) were $296.9 million, 19% more than the previous year. The operating operations also generated $0.03 million in net cash. The GAAP subscription gross margin was 81 percent and the non-GAAP subscription gross margin was 83 percent.
So what?
DOMO had a good quarter, fueled by increased demand for data-enabled apps to assist the clients to operate their companies on the Domo platform, as well as ongoing market demand for the core contemporary BI product.
DOMO being the leader – What’s up?
On 22nd November 2021, DOMO stated that it was ranked first in Nucleus Research’s Embedded Analytics Technology Value Matrix for 2021. Everyone honors DOMO because of its widespread corporate acceptance, simplicity of integrating sophisticated features, and the platform’s complete, end-to-end nature, which spans the whole data pipeline. Domo’s investments in new and expanded capabilities, which increased the platform’s value, also helped the firm earn a solid lead on the 2021 Value Matrix.
What’s next?
The desire to use data to build and create new value is rising among both consumers and businesses. However, Domo’s embedded analytics solution is part of a larger push to make data more convenient for everyone and to change the way businesses are managed.
New addition to Board of Directors
On 4th November 2021, DOMO reported that Jay Brown has been added to the Board of Directors. Mr. Brown is a creative businessman and business executive who co-founded Roc Nation, a full-service entertainment company, in 2008. He currently serves as vice-chairman, overseeing the company’s growth. Jay has been responsible for the creation of multibillion-dollar brands for more than 25 years and will continue to do so. He is on the boards of many organizations, including the Hammer Museum, Global Citizen, and CLF. Lastly, Mr. Brown succeeds Mark Gorenberg, who has been a member of Domo’s board of directors for the previous decade.
Is it worth it?
The company thinks that Jay’s contacts, brand knowledge, and direction will be invaluable in helping the business as it strives to develop the business and continue to harness the equity DOMO has built in the consumer experience.
