Workday delivered better-than-expected first quarter results and raised its outlook as its subscription backlog was up 30% from a year ago.
The cloud human capital management and financial software provider reported a fiscal first quarter net loss[1] of 52 cents a share on revenue of $825.1 million, up 33.4% from a year ago. Non-GAAP first quarter earnings were 43 cents a share.
Wall Street was expecting Workday to report first quarter non-GAAP earnings of 41 cents a share on revenue of $814.3 million.
Workday added that its subscription revenue for the fiscal first quarter was $701 million, up 34.3% from a year ago.
As for the outlook, Workday projected fiscal 2020 subscription revenue of $3.04 billion to $3.06 billion. The company projected second quarter subscription revenue of $746 million to $748 million.
CEO Aneel Bhusri said that the company saw customers--Fortune 50 and Fortune 500 companies--expand their spending with Workday.
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References
- ^ fiscal first quarter net loss (www.workday.com)