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SILICON SLOPES, Utah - Data products platform provider Domo (NASDAQ:DOMO), a technology company with a market capitalization of $639 million and annual revenue of $317 million, announced Wednesday it has signed a strategic collaboration agreement with Amazon Web Services (AWS) to help customers build AI-powered solutions using generative AI technology. According to InvestingPro analysis, the stock has shown significant momentum, gaining over 18% in the past week.
The partnership will focus on developing autonomous AI agents through Domo’s Agent Catalyst platform, which is designed to analyze and execute business processes independently while maintaining security and governance protocols. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with over 10 additional ProTips and detailed financial metrics available.
Domo AI, the company’s suite of advanced AI solutions, includes features such as natural language querying and AI-driven data storytelling. The Agent Catalyst platform aims to automate complex workflows with personalized recommendations and adaptive learning capabilities.
"Domo’s Agent Catalyst is at the forefront of transforming how enterprises harness GenAI to drive business results," said Josh James, founder and CEO of Domo, in the press release statement.
Mark Relph, Head of Data and AI Partners at AWS, stated, "We’re excited to continue our work with Domo to accelerate the adoption of intelligent, autonomous AI agents that drive efficiency and automation for our mutual customers."
The collaboration addresses research from ISG indicating that more than half of enterprises will face insufficient AI competencies through 2027, potentially putting them at a competitive disadvantage.
Domo is part of the AWS Partner Network and offers native bi-directional data integration with Amazon Redshift. The company has previously achieved AWS Machine Learning Competency Status in the Applied AI category and participates in the Amazon SageMaker Ready Program.
In other recent news, Domo has been in the spotlight with several significant developments. TD Cowen has upgraded Domo’s stock rating from Hold to Buy, raising the price target to $21.00, as the company is reportedly making strides with strategic initiatives like shifting to consumption-based pricing and forming partnerships with CDWs. Additionally, Domo has enhanced its cloud integration capabilities with Snowflake, introducing new data workflow features that allow users to perform secure data transformations. This includes the release of Magic ETL Pushdown, which was previously in beta. Furthermore, Domo has expanded its collaboration with Snowflake by launching a suite of applications on the Snowflake Marketplace, offering a fully managed analytics and business intelligence solution. In another development, Domo has partnered with Burbio to enhance its K-12 data analytics platform, integrating its embedded analytics solution into Burbio’s platform. This partnership aims to provide AI-powered tools for analyzing unstructured school district documents. Meanwhile, JMP Securities has reiterated its Market Outperform rating on Sprinklr, noting positive implications from ongoing SaaS acquisitions.
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