Shares of Domo  (DOMO) - Get Report plummeted 19.2% to $25.66 Friday after the cloud-based platform company beat Wall Street's first-quarter consensus estimates but offered guidance slightly below expectations.

The American Fork, Utah-based company reported net losses of $35.5 million, or $1.32 a share, compared with losses of $45.5 million, or $27.63 cents a share, a year ago. Adjusted losses came to $1.08 a share, narrower than analysts' forecasts of $1.28 a share. 

Revenue totaled $40.8 million, up from $31.9 million a year ago, and surpassed Wall Street's estimate of $40.7 million.

Subscription revenue was $34.4 million, an increase of 29% year over year. Subscription revenue represented 84% of total revenue and billings were $41.1 million or 22% year-over-year growth.

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"Q1 was another solid quarter for us," said Bruce Felt, chief financial officer, said in a statement. "We are executing well against our plan as we balance improvements in our expense profile and investments to capture the incredible growth opportunity in front of us, while we march toward cash flow positive with our fully funded business."

Domo said it expects second-quarter adjusted losses of 98 cents to $1.02 a share on sales of $41 million to $42 million. Analysts are looking losses of a dollar a share on revenue of $42.3 million.

The company that is expecting full-year adjusted losses of $3.79 to $3.87 a share on sales of $173 million to $174 million.

"We have not reconciled guidance for non-GAAP metrics to their most directly comparable GAAP measures because such items that impact these measures are not within our control or cannot be reasonably predicted," the company said in a statement.