Domo doesn’t seem to know what it is or wants to be, writes tpoletti.
When Domo Inc. went public last year, it was hard to discern what the company actually did, and how executives were going to turn it into a big business.
Domo investors are paying the price: Worth $1 billion as recently as May, the company’s market cap is headed lower than $500 million after its outlook for the third quarter and the rest of the year fueled a 35% drop in its stock in after-hours trading Thursday afternoon. The company appears to be going through a major pivot in its strategy due to a focus on big enterprise deals that did not pan out, and it admitted that customers and investors still do not completely understand what it does.
But when asked by an analyst to offer that simple message, James talked for several minutes without getting to a concise description. The quick message, he said, is that “everyone is looking for digital transformation,” with some standard promises to visualize and analyze data. James responded by saying that Domo is spending too much money and time wooing very large companies — those with more than $1 billion in revenue — but that it would continue some of those efforts.
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