Domo, Inc. ($DOMO) Q1 2024 Earnings Call Summary

Domo, Inc. ($DOMO) Q1 2024 Earnings Call Summary

Posted: 1 week, 1 day ago // May 26, 2023 3:21 a.m. UTC

Here is a summary of Domo, Inc.'s Q1 2024 earnings call, which took place on May 25:

- Q1 revenue for Domo grew by 7%, with subscription revenue growing by 10%.

- The CEO's main priority is to increase the company's growth rate while maintaining financial responsibility.

- Domo's differentiation as a data experience platform stands out, with numerous examples of how companies are using it to foster a data-driven culture that transforms curiosity into business impact.

- Domo had notable customer wins, showcasing its ability to unseat significant competitors.

- Domo is increasing its ability to provide access to its platform on a consumption pricing basis to remove barriers to adoption and better align pricing to the value delivered to customers.

- Domo was named a leader in the Nucleus Research 2023 Analytics Technology Value Matrix for the third consecutive year.

- Domo's AI service layer will be available in June, with AI Text to SQL, AI text to Beast Mode, and AI text generation available now via a Domo Brick in the Domo app store.

- Domo's multiyear contracts now account for 65% of its customers.

- The company is focused on playing their current hand as best as possible and optimizing their assets to become cash flow break-even and net operating margin positive.

- Consumption will be a game changer for the company, and they plan to move all accounts to consumption quickly.

This is an AI generated summary. There may be inaccuracies.

Relevant tickers: DOMO