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Investigation Details
On August 24, 2023, Domo announced it was lowering its full year 2024 guidance and expected losses per share to range from 39 cents to 47 cents. The Company blamed it on heightened risk of non-renewals specifically as to its larger accounts. On an earnings call in May 2023, CFO David Jolley stated “we continue to believe we’re in a good position to accelerate our billings over the first half outlook as we expect growth in our ramped sales capacity to accelerate.” Analysts commenting on the missed guidance mention Domo’s admitted mismanagement of its FY23 “ramped sales capacity.”
Following this news, Domo’s stock price fell by $6.10 per share, or approximately 34% to close at $10.94 per share.
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