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Earnings Results: Workday stock rises sharply on continued growth, earnings beat

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Workday Inc. on Thursday posted second-quarter results that beat analysts’ expectations, with the company’s executives touting continued growth and momentum.

Workday
WDAY,
+1.23%

shares gained more than 12% after hours, after rising 1.2% in the regular session to close at $162.36. 

“Organizations are continuing to drive digital transformation across finance and HR to support the changing world of work,” said Aneel Bhusri, co-chief executive, in a statement.

The enterprise cloud-software company reported that revenue climbed to $1.54 billion from $1.26 billion in the year-ago quarter. Subscription revenue rose to $1.37 billion, beating analysts’ expectation of $1.35 billion.

Workday posted a second-quarter loss of $64.2 million, or 25 cents a share, compared with net income of $105.7 million, or 41 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation, income-tax costs and other operating expenses, were 83 cents a share.

Analysts surveyed by FactSet had forecast earnings of 79 cents a share on revenue of $1.52 billion.

Barbara Larson, chief financial officer, said in the company’s news release that she expects third-quarter subscription revenue of  $1.418 billion to $1.42 billion, higher than analysts’ expectations of $1.415 billion.

Shares of the Pleasanton, Calif.-based company have fallen about 41% so far this year. By comparison, the S&P 500 index
SPX,
+1.41%

has decreased about 13% year to date.

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