Workday stock falls after earnings drop, slightly higher outlook

Workday Inc. shares fell in Thursday’s extended session after the human resources cloud software company reported earnings that missed Wall Street consensus and slightly raised its forecast.

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Shares fell 9% after the close after gaining 2.2% in the regular session to close at $168.15.

“We’ve had a solid start to the year as organizations around the world continue to choose Workday as their strategic finance and HR partner,” said Barbara Larson, Workday’s chief financial officer, in a statement. “As a result, we are growing our subscription revenue for fiscal year 2023.”

Workday increased its subscription revenue to $5.54-5.56 billion from a previous $5.53-5.55 billion, while analysts polled by FactSet are already forecasting $5.55 billion in subscription revenue for the year.

The company also expects subscription revenue of about $1.35 billion for the second quarter, in line with analyst expectations.

The Pleasanton, Calif.-based company reported a loss of $102.2 million, or 41 cents a share, in the first quarter, compared to a loss of $46.5 million, or 19 cents a share, in the year-ago period.

Adjusted earnings, which exclude stock-based compensation expense and other items, were 83 cents per share, compared to 87 cents per share in the prior-year period.

Revenue increased to $1.43 billion from $1.18 billion in the year-ago quarter, while subscription revenue rose 23% year over year to $1.27 billion.

Analysts had forecast a share of 85 cents on revenue of $1.43 billion and subscription revenue of $1.26 billion. Workday stock falls after earnings drop, slightly higher outlook

Brian Lowry

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