Domo (DOMO) Q2 Loss Narrower Than Expected, Revenues Rise Y/Y
Zacks Investment Research | Sep 06, 2019 08:45AM ET
Domo (NASDAQ:DOMO) reported second-quarter fiscal 2020 non-GAAP loss of 96 cents per share, narrower than the year-ago quarter’s loss of $3.44 and the Zacks Consensus Estimate of a loss of $1.
Revenues of $41.7 million increased 21.6% on a year-over-year basis, primarily driven by customer addition. The figure also beat the consensus mark of $41 million.
International revenues represented 26% of total revenues in the reported quarter, consistent with the previous quarter.
Billings increased 9% year over year to $38.8 million. Moreover, dollar-based net revenue retention rate was greater than 100%.
Customer Growth & Retention
Domo stated that 49% of customers were on multi-year contracts at the end of second-quarter fiscal 2020 compared with 38% at the end of the year-ago quarter.
Gross retention rate was 90%. The company now has more than 460 enterprise customers.
Notably, customer additions during the reported quarter included Lighthouse customers and EDP, a global energy company.
Additionally, the company added Inditex (MC:ITX), which is one of the world's largest fashion retailers with international brands like Zara.
Moreover, Domo signed key expansion deals with notable customers, including consumer packaged goods giant, L'Oreal, and real-estate services company Zillow.
Also, Domo announced a partnership with Zendesk to help customers offer better service to end users. The company also signed a deal with a well-known manufacturer of electronic household products.
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