{"id":52941,"date":"2023-08-25T11:18:13","date_gmt":"2023-08-25T15:18:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/domo-plummets-39-as-cloud-company-slashes-guidance-and-stock-is-downgraded\/"},"modified":"2023-08-25T11:18:16","modified_gmt":"2023-08-25T15:18:16","slug":"domo-plummets-39-as-cloud-company-slashes-guidance-and-stock-is-downgraded","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52941","title":{"rendered":"Domo Plummets 39% as Cloud Company Slashes Guidance and Stock Is Downgraded"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000729155\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>A slash to its guidance and competition concerns pressured shares of cloud-data software company<br \/>\n        Domo<br \/>\n       on Friday and prompted an analyst to downgrade the stock.<\/p>\n<p>\n        Domo<br \/>\n       (ticker: DOMO) was falling 39% to $10.45. <\/p>\n<div class=\"paywall\">\n<p>The company on Thursday reported a  narrower-than-expected second-quarter adjusted loss but issued third-quarter guidance that missed analysts\u2019 forecasts.<br \/>\n        Domo<br \/>\n       also trimmed revenue guidance for fiscal 2024, saying it anticipates revenue in a range of $316 million to $320 million from a prior range of $323 million to $330 million. It also expects an adjusted loss of between 39 cents and 47 cents a share, wider than the previous range. <\/p>\n<p>Citing \u201cnew competitive challenges emerging,\u201d TD Cowen analysts downgraded the stock to Market Perform from Outperform and trimmed their price target to $14 from $20.<\/p>\n<p>\u201cWe think DOMO has become a victim of vendor consolidation given the tougher macro &amp; elevated budget scrutiny,\u201d the analysts wrote, explaining that management said some enterprise and prospective customers have been looking to consolidate separate business intelligence tools to pull back on costs. Competition\u2014which analysts believe refers to<br \/>\n        Microsoft<br \/>\n       (MSFT) \u2014also is a pain point as the company is expecting churn from a group of large customers in the second half of the year.<\/p>\n<p>\u201cManagement also indicated that while it has been ramping up new sales teams to productivity and attrition has been low &amp; ahead of expectations, productivity levels are not trending to historical levels, which we think may also be related to MSFT competition,\u201d the TD Cowen analysts added. <\/p>\n<p>Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/domo-stock-earnings-downgrade-2c6af2d5?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A slash to its guidance and competition concerns pressured shares of cloud-data software company Domo on Friday and prompted an analyst to downgrade the stock. Domo (ticker: DOMO) was falling 39% to $10.45. The company on Thursday reported a narrower-than-expected second-quarter adjusted loss but issued third-quarter guidance that missed analysts\u2019 forecasts. Domo also trimmed revenue [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52941","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Domo Plummets 39% as Cloud Company Slashes Guidance and Stock Is Downgraded | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A slash to its guidance and competition concerns pressured shares of cloud-data software company Domo on Friday and prompted an analyst to downgrade the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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