The company reported Q2 FY24 revenue growth of 5% Y/Y to $79.7 million, beating the consensus of $78.90 million.

Subscription revenue grew 6% Y/Y to $71.2 million in the quarter.

Billings fell 2% Y/Y to $70.6 million, and Remaining Performance Obligations (RPO) stood at $357.6 million, up 2% Y/Y.

Operating cash flow stood at $0.6 million in Q2.

Adjusted subscription gross margin stood at 85% (flat Y/Y), and adjusted operating margin expanded 12 percentage points Y/Y. 

Adjusted EPS loss of $(0.02) was better than the consensus loss of $(0.09). 

As of July 31, 2023, cash, cash equivalents, and restricted cash stood at $63.9 million.

"I'm excited about the momentum in consumption pricing; we believe this will drive improved relationships with customers and enable meaningful impact to our business model. I'm also thrilled with our advancements in AI and the new possibilities it will deliver for customers to innovate and grow. I feel confident we have the right priorities, roadmap and people to drive Domo's long-term growth," said Josh James, founder and CEO.

Price Action: DOMO shares are down 31.69% at $11.64 premarket on the last check Friday.