U.S. Markets closed

Workday Soars After Surge in Subscription Revenues

Shares of Workday are gaining in post-market trading after the cloud software developer reported a first quarter which surpassed analysts' estimates. In its April-ending quarter, the developer of H-R software reported a net loss of 13 cents a share, 2 cents narrower than analysts expected. Meanwhile, revenue of just under $160 million climbed 74% year over year and beat estimates by over $7 million. That jump in sales was boosted by an 80% increase in subscription revenues and the onboarding of several new large contracts. Meanwhile, billings soared 94% to $208 million. As for its second quarter, management guides for sales growth as much as 65% higher than a year earlier. Analysts had forecast 60% growth.