Posted on Tuesday, Feb 16th 2021
According to a recent report,
the global Business Intelligence and Analytics Software market size is projected to reach $33.77 billion by 2026, from $23.94 billion in 2020, translating to an annualized growth rate of 6% in the forecast period. Utah-based Domo (NASDAQ: DOMO) recently announced its third quarter results that surpassed all market expectations. The company remains focused on product improvements and partner expansion to drive growth. Domo’s Financials
Domo’s revenue for the third quarter grew 20% to $53.6 million, ahead of the market’s forecast by 4.98%. Non GAAP loss was $0.40 per share, better than the Street’s estimated loss of $0.44 per share.
Subscription revenue grew 24% to $46.9 million with billings growing 25% to $55.7 million. Its Remaining Performance Obligation or RPO grew 21% to $248.8 million.
For the fourth quarter, Domo forecast revenue of $53.3-$54.3 million and non GAAP net loss of $0.42-$0.46 per share. It expects to end the fiscal year 2021 with revenue of $206.6-$207.6 million and a net loss of $1.83-$1.87 a share. The market was looking for revenue of $53.3 million for the quarter and a loss of $0.44 per share and revenues of $204.05 million for the fiscal year 2021 with a loss of $1.90 per share.
Domo’s Snowflake Partnership
Domo continued to focus on its partnership and recently announced that it achieved a Premier status in Snowflake’s Partner Connect Program.
Over a year ago, Domo had announced a tie-up with Snowflake that included an API integration and co-selling initiative. With this partnership, it enabled joint customers to leverage Domo’s iPaaS capabilities to manage their entire data ecosystem and easily bring additional sources of data from across their organization into Snowflake.
The achievement of the Premier Status certifies Domo’s new high-speed federated connector for
Snowflake’s platform. This new native connector offers customers a simpler and quicker way to query and write back to data sets in Snowflake as well as manage their entire data ecosystem. Inside Snowflake’s Data Cloud, organizations can now integrate their siloed data, easily discover and securely share governed data, and execute diverse analytic workloads. The two companies have been working closely together to offer joint customers the flexibility, scalability, and security needed to get more leverage from massive amounts of data no matter where that data lives.
Domo continued to be recognized for its products and services. Domo was ranked an Overall Experience and Credibility Leader in the Dresner Advisory Services’ 2020 SME BI study. For the ninth year in a row, it was ranked as a Utah business best company to work for. For the fifth consecutive year, it won the Cloud Award for Best Cloud Business Intelligence or Analytics Solution by international Cloud Computing Awards program.
Domo’s platform counts on three key pillars for differentiation. The first is its data integration capabilities to sell back-end integration at cloud scale without moving data. The second is its ability to drive insight and action with AI. Finally, the third is its ability to build data-driven apps in a low-code, no-code way that can modernize business processes at high speed and extend the value of data analytics and insights outside the organization to customers and partners.
It provides a cloud-native platform that combines iPaaS capabilities for data integration, visualizations for real-time and predictive insights, and a foundation for organizations to build their own apps to take immediate action on those insights. But, it has not, as yet, shared detailed statistics around PaaS within the Domo product roadmap. Read my opinion on Paas companies here:
Cloud Stocks: Which SaaS Players Will Win in PaaS.
Domo’s stock is currently trading at $70.86 with a market capitalization of $2.12 billion. It touched a 52-week high of $79.00 earlier this month and a 52-week low of $7.62 in March last year.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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CrowdStrike Gears up to Tackle Security Breach Concerns . Everbridge Widens Products and Partnerships . Cornerstone OnDemand Expands Product Line-up . Alarm.com Expands Products to Address Competition . Sumo Logic's IPO Going Strong . Cloudera Grows Through Acquisition . IBM Trying and Failing to Reignite Growth . Box Knows it's All About PaaS . Bill.com Focuses on Mobile and AI . DocuSign Leverages AI in Product Innovation . Atlassian Makes over $100M in PaaS in 2020 . PaaS Strategy Makes Unity IPO Soar . ON24 Goes Public with $42B TAM as Covid Puts Webinars and Virtual Events Front and Center . Amazon After Jeff Bezos . ServiceNow Firing on All Cylinders But One . Snowflake Focuses on Developer Community for Growth . Is SAP Acquiring Alteryx? . Qualys Focuses on SaaS App Security . SurveyMonkey Remains Focused on APIs, ISV PaaS Still Missing . Domo Needs to Open up About PaaS Metrics . Like Wix, GoDaddy Needs to Focus on PaaS . Datadog on an Acquisition Spree . Twilio Soars, Focuses on Social Initiatives . HubSpot Expands Content Offering Through Acquisition . Zendesk Adds Products, While Freshdesk Keeps Acquiring . Shopify and BigCommerce Building API-based Ecosystems . RingCentral Acquires and Adds Partners, But PaaS is Still Missing . Acquisitions and Product Upgrades are the Mantra for Palo Alto Networks . Salesforce can Transform Slack PaaS, But Acquisition Still Pending . After Acquisitions, Five9 Focuses on Channel and Network Partnerships . Workday Drives Enterprise Use Cases Through PaaS, as Anaplan Taps Into Consultants . C3.ai Should Do ISV Focused PaaS . Splunk on the Right Track with Cloud and PaaS . Veeva Sets an Example, Transitions to a Public Benefit Corporation . BlackLine is Targeting A/R Automation Market . Okta Targets $25B Customer Identity Market with Acquisition . Teradata Trying to Reinvent Itself on the Cloud . Dropbox Acquires, But Competition Remains Stiff . Smartsheet Focuses on Partners, and not on ISVs . MongoDB has Huge Room to Grow in $97B Market . Cloud and Platform Expansion Continues at Nutanix . Rapid7 Targets $1B ARR by 2025 . DocuSign Exploring Unprecedented Digital Signature Offerings . Tenable Continues its Acquisition Spree . SolarWinds Attack Driving Zscaler's Stellar Performance . Zoom Should Report Developer Ecosystem Metrics . DigitalOcean Goes Public with a Strong ISV PaaS Strategy . Dynatrace Competing with Rivals by Simplifying DevOps . Talend Becomes a Private Firm, Once Again . Everbridge Focuses on the Government Sector . Analysis of Fastly’s Signal Sciences Acquisition . Cloudera Focuses on Machine Learning for Verticals . Medallia Acquires to Expand Digital Experience Analytics . PagerDuty Sees Market Expand Beyond ITOps . Bill.com Expanding Payment Offerings for Small Businesses . Alarm.com's Product and Partner Portfolio Helps Address Competition . Sumo Logic Counts on Acquisition and Product Upgrades . Analysis of Crowdstrike’s Humio Acquisition . IBM's Transition to a Hybrid Cloud and AI Company . Analysis of Box's Acquisition of SignRequest . ON24 Should Look at Consolidating MarTech SaaS . Snowflake Exploring AI for Data Warehousing Capabilities . Unity Software Focuses on Digital Marketing with RestAR Acquisition . Tuya Counts on PaaS for Growth Within IoT . ServiceNow Continues to Acquire, Partner, and Integrate . Atlassian Expands Beyond IT Teams to Enterprise-Wide Offerings . Google's Growth Continues Despite Regulatory Concerns . Analysis of Microsoft's Acquisition of Nuance . Amazon's Ad Revenue on the Rise . Alteryx Focuses on the User and Partner Community . Qualys Expands Endpoint Security Offerings . SurveyMonkey Investing in AI and ML Tools . GoDaddy Expands Registry Catalog . Wix Goes on an Acquisition Spree . Analysis of Twilio's Zipwhip Acquisition . HubSpot's PaaS Ecosystem Revenues Expected to Grow Rapidly . Zendesk's Products Help Increase Average Deal Size . Shopify Focuses on Social Commerce . Pure Storage Expansion into Hybrid Cloud Fueled by Portworx Acquisition . Salesforce Leverages Mulesoft and Tableau Acquisitions Successfully . Workday Gearing up for Post Pandemic IT Spend Increase . Veeva Pushing Forth to $3 Billion by 2025 . Anaplan Expands Vertical Offerings . Analysis of Palo Alto's Bridgeview Acquisition . Nutanix Expands Government Vertical Offerings . Okta Expanding Government Sector Capabilities . Analysis of Splunk's TruStar Acquisition . Smartsheet Remains Focused on Integrations . Five9's Partnerships Translating to Product Innovations . DocuSign Sees Digital Signature Trends Here to Stay . Market Leader Tenable Leverages Acquisitions for Growth . Analysis of Zscaler's Recent Two Acquisitions . Analysis of Rapid7's Velocidex Acquisition . Dropbox Expands in International eSignature Market . MongoDB Rides High on Five Years of Atlas . RingCentral Leverages Partnerships for Growth . BlackLine Remains Focused on SAP . ON24 Expands Marketing Offerings . Analysis of Magnite's Spot X Acquisition . PagerDuty Focuses on Integrations . Analysis of Bill.com's Divvy Acquisition . C3.ai Doubles Down on Partnerships . Analysis of Coupa's Pana Acquisition . BigCommerce Eyes a Bigger Marketshare Through Walmart Tie-up . Analysis of Everbridge's xMatters Acquisition . Adobe's Digital Solutions Drive Stellar Growth . CrowdStrike Leads in Endpoint Security Through Tie-ups . Snowflake Focuses on Expanded Partner Program to Drive Growth . Analysis of Sumo Logic's Sensu Acquisition . Dynatrace Counts on AI to Continue its Market Leadership . Analysis of IBM's Waeg Acquisition . Tuya Focuses on Smart Product Distribution . Appian Strengthens AI Offerings . Analysis of Zoom's Five9 Acquisition . Google's Offerings Help Drive Partner Revenue Growth . ServiceNow's Entire Portfolio is Booming . How can Atlassian Amplify its Robust Growth? . Analysis of Microsoft's Three More Acquisitions After Nuance . Twilio Focuses on Customer Engagement . Analysis of Amazon's MGM Acquisition . Guidewire Focuses on Building its Partner Network . Momentive, Formerly SurveyMonkey, Adds Analytics to Offerings . Zendesk Should Look at Acquisitions . HubSpot Continues to Grow its App Marketplace . Is Alteryx Being Acquired? . Shopify Continues to Woo Developers . DigitalOcean Expands Partnership with MongoDB . Analysis of Qualys' TotalCloud Acquisition . Pure Storage Experimenting with Pricing Models . Palo Alto Networks Expands Security Capabilities . RingCentral Cashing in on the Hybrid Work Environment . Splunk Tackles Decelerating Growth with Product Upgrades . MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence