Domo, Inc. (NASDAQ: DOMO) reported fiscal 2019 third quarter financial results. Revenue increased 30% year over year to USD 36.8 million. Subscription revenue counted for 83% of the total revenue. Gross margins for subscriptions were 73% compared to 60% a year ago.
“We executed very well in Q3 as our results show, and we expect that strong execution to continue into Q4 and into fiscal 2020” said Josh James, Domo founder and CEO. “Demand for our products and services continues to grow as enterprises around the globe embrace digital transformation and push our products deeper into their business processes. We have a very large multi-billion-dollar market opportunity in front of us. I’m incredibly proud of our team, the efficiencies they found, and their enormous contributions in helping us deliver on all our commitments.”
“Q3 was another strong quarter for us,” said Bruce Felt, CFO. “We continued to improve execution across all functions of the organization. We are pleased with the productivity gains from sales. As we displayed this quarter, we will continue to focus on realizing more out of our cost structure next quarter to drive growth.”
For the fourth quarter, revnue is expected to be between USD 37.5 million to USD 37.9 million. For the full year fiscal 2019, revenue is expected to be between USD 140.6 million and USD 141 million. Domo reached a current intraday high of USD 19.95.