Workday Inc. on Wednesday attributed its first-quarter results to an improving market as companies prepare their businesses for a “post-pandemic world.”
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The enterprise cloud-software company reported a net loss of $46.5 million, or 19 cents a share, compared with a loss of $158.4 million, or 68 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation and other costs, were 87 cents a share.
Revenue rose to $1.18 billion from $1 billion in the year-ago quarter, with the company saying subscription sales rose 17% year over year to $1.03 billion.
Analysts surveyed by FactSet had forecast earnings of 73 cents a share on revenue of $1.16 billion.
Pleasanton, Calif.-based Workday said it expects second-quarter subscription revenue to grow 18% to between $1.095 billion and $1.097 billion, while analysts had expected $1.081 billion. The company also raised its fiscal 2022 guidance for subscription revenue to between $4.425 billion and $4.440 billion, while analysts had expected $4.407 billion.
Workday shares have fallen more than 1% year to date, and 3.3% in the past three months, while the S&P 500 Index
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