: Domo posts narrower quarterly loss, CEO Mellor to step down


Domo Inc. DOMO, +3.79% shares wavered between gains and losses in the extended session Monday after the cloud software company reported a narrower-than-expected adjusted loss for its fourth quarter and said Chief Executive John Mellor was stepping down. Domo lost $19.8 million, or 57 cents a share, in the quarter, compared with a loss of $33.2 million, or $1.01 a share, in the year-ago period. Adjusted for one-time items, Domo lost 2 cents a share. Revenue rose 14% to $79.6 million, including subscription revenue of $70.3 million, an increase of 18% year-over-year, the company said. FactSet consensus called for a loss of 9 cents a share on sales of $78 million. The company guided for first-quarter revenue between $78.5 million and $79.5 million, and an adjusted loss between 15 cents a share and 19 cents a share. For the 2024 fiscal year, it called for revenue between $323 million and $330.0 million, and an adjusted net loss between 27 cents and 39 cents a share. In a separate announcement, Domo said Mellor has stepped down as CEO and a director of the company after nearly four years with Domo. Founder Josh James has been named chief executive and a director. Domo also named David Jolley its chief financial officer, and Jeff Skousen as chief revenue officer. Outgoing CFO Bruce Felt previously had announced his departure, the company said. Shares of Domo ended the regular trading day up 3.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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