Shares of Domo (DOMO 0.51%) jumped today after the company released its third-quarter results yesterday that outpaced analysts' revenue and earnings estimates.
The tech stock jumped by as much as 20% during today's trading and was up 16.3% as of 3:11 p.m. EST.
Domo's revenue jumped 20% year over year to $53.6 million, which beat Wall Street's estimate of $51.76 million. The cloud computing software company reported an adjusted loss of $0.40 per share, which was also ahead of analysts' consensus estimate of a loss of $0.44 per share.
Domo's third-quarter sales boost was led by the company's increase in subscription revenue, which jumped 24% year over year. Domo CEO Josh James believes the company has more growth ahead and said in a press release, "Our strong results and our improved financial position give us the confidence to invest in the significant growth opportunity in front of us."
Domo beat Wall Street's estimates back in the second quarter as well and investors pushed the company's share price up following those results. With today's gains, the company's stock is up 105% year to date.
Domo's management issued guidance for the fourth quarter and said that revenue will be $53.8 million at the midpoint, which would be a 16.5% year-over-year increase. Additionally, the company expects an adjusted loss per share of $0.44 compared to a loss of $0.85 in the year-ago quarter.