DOMO to Report Q2 Earnings: Some Key Factors to Consider
Domo DOMO is set to release its second-quarter fiscal 2024 results on Aug 24.
The company anticipates second-quarter fiscal 2024 revenues to be between $78.5 million and $79.5 million. Non-GAAP loss is anticipated between 7 and 11 cents per share.
The Zacks Consensus Estimate for revenues is pegged at $79.02 million, indicating an increase of 4.62% from the year-ago quarter’s reported figure.
The consensus mark for loss has been stable over the past 30 days at 8 cents per share. Domo reported a loss of 26 cents per share in the year-ago quarter.
Let’s see how things have shaped up for DOMO prior to this announcement.
Domo, Inc. Price and EPS Surprise
Domo, Inc. price-eps-surprise | Domo, Inc. Quote
Factors Likely to Influence Q2 Results
Domo’s top-line growth is expected to reflect expanding clientele and portfolio strength. The company’s multi-cloud data offerings, along with the cloud amplifier, have been getting adopted, thereby driving top-line growth.
Domo's cloud amplifier offers strong single and bi-directional data integrations, such as Snowflake, Dremio, Amazon Redshift, Databricks, as well as Google Cloud's BigQuery. It enables companies to adopt a more flexible cloud strategy and quick access and data integration.
Domo offers automated workflows and Jupyter Workspaces as pro-code features for customers to streamline business processes, explore Domo DataSets, as well as execute data science and machine learning pipelines.
However, Domo’s top-line growth has been impacted by macroeconomic challenges that made the software sales process more complex, leading to longer deal cycles, heightened scrutiny of deals and the need to address challenges faced by end customers.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Domo has an Earnings ESP of 0.00% and currently carries a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in their upcoming releases:
NVIDIA NVDA has an Earnings ESP of +2.39% and a Zacks Rank of 1, at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVIDIA shares have jumped 196.3% in the year-to-date period. NVDA is set to report its second-quarter fiscal 2024 results on Aug 23.
Workday WDAY has an Earnings ESP of +2.01% and a Zacks Rank #1.
Workday shares have gained 34.1% year to date. WDAY is set to report its second-quarter fiscal 2024 results on Aug 24.
American Woodmark AMWD has an Earnings ESP of +8.43% and a Zacks Rank #2.
American Woodmark shares have returned 50.2% year to date. AMWD is set to report its first-quarter 2024 results on Aug 29.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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