Domo stock drops nearly 7% after mixed Q1 results

Shares of Domo Inc.
DOMO,
-0.34%
fell nearly 7% in the aftermarket Thursday after the cloud software company reported fiscal 2024 first-quarter results that largely met Wall Street expectations and guided for a wider loss range for its fiscal 2024. Domo lost $24.4 million, or 69 cents a share, in the quarter, compared with a loss of $32.9 million, or 99 cents a share, in the year-ago period. Adjusted for one-time items, the company lost 17 cents a share, matching FactSet consensus. Revenue rose 7% to $79.5 million, Domo said, including subscription revenue of $71.1 million, a 10% increase. The analysts polled by FactSet expected revenue of $78.9 million. Domo guided for fiscal 2024 revenue between $323 million and $330 million, and for an adjusted net loss between 27 cents a share and 39 cents a share for the year. FactSet consensus calls for a loss of 35 cents a share on sales of $326 million.