Earnings Results: Workday stock rises 8.5% following raised outlook and share-buyback plan

by | Nov 29, 2022 | Stock Market

Workday Inc. shares rallied in the extended session Tuesday after the human-resources cloud-software company hiked its outlook and launched a share buyback program. Workday
WDAY,
-1.34%
shares rose 8.5% after hours, following a 1.3% decline in the regular session to close at $143.30.

The Pleasanton, Calif.-based company reported a third-quarter loss of $74.7 million, or 29 cents a share, versus net income of $43.4 million, or 17 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.15 a share, compared with $1.10 a share in the year-ago period. Revenue rose to $1.6 billion from $1.33 billion in the year-ago quarter, while subscription revenue rose 22% to $1.43 billion from a year ago. Analysts had forecast 84 cents a share on revenue of $1.59 billion and subscription revenue of $1.42 billion. “There is no question that the current macro environment presents increased uncertainty, but, due to the great work of our employees and our continued innovation, we are confident in the long-term opportunity and our ability to navigate the road ahead,” said Aneel Bhusri, Workday’s co-founder and co-CEO, in a statement. Read: Cloud software is suffering a cold November rain. Can Snowflake and Salesforce turn things around? Workday makes applications that help companies automate human-resources and business tasks like payroll and expenses, while tracking employee data. “We delivered solid third-qu …

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