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BREAKING NEWS

Workday beats second-quarter estimates, raises full-year subscription revenue forecast

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(Reuters) – Workday Inc <WDAY.O> reported better-than-expected quarterly revenue on Thursday, as it signed up more companies for its cloud-based financial and human resources software.

Shares of the company were up 1.2% at $189.98 in extended trading.

Subscription revenue in the second quarter jumped 34% to $757.2 million (616.8 million pounds), prompting Workday to raise its fiscal 2020 revenue outlook for the segment. It now sees subscription revenue between $3.06 billion and $3.07 billion.

The company also forecast third-quarter subscription revenue between $783 million and $785 million. Analysts, on average, were expecting $782.6 million.

Workday has been trying to become a one-step solution for all back-office services for small and medium sized businesses in a fiercely competitive market.

The company’s net loss widened to $120.7 million, or 53 cents per share, in the quarter ended July 31, from $86.2 million, or 40 cents per share, a year earlier.

However, on an adjusted basis, Workday earned a profit of 44 cents, beating estimates of 35 cents per share.

Total revenue rose 32% to $887.8 million, also above analysts’ estimates of $872.3 million.

(Reporting by Ayanti Bera and Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber)

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