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Workday Inc (NASDAQ:WDAY) shares are moving higher in extended trading Thursday after the company reported better-than-expected quarterly results.
What Happened: Workday said first-quarter revenue increased 17.4% year-over-year to $1.68 billion, which beat consensus estimates of $1.67 billion, per Benzinga Pro. The company reported quarterly earnings of $1.31 per share, which beat estimates of $1.12 per share.
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Workday reported operating cash flows of $277.3 million, down from $439.7 million year-over-year. The company ended the quarter with $6.33 billion in cash, equivalents and marketable securities.
"Workday had a strong first quarter, underscoring the value proposition of the full Workday platform combined with our unique approach to artificial intelligence and machine learning," said Aneel Bhusri, co-founder, co-CEO, and chair of Workday.
Workday guided for second-quarter subscription revenue of $1.611 billion to $1.613 billion. Full-year subscription revenue is expected to be between $6.55 billion and $6.575 billion.
The company also appointed Zane Rowe as CFO, effective June 12. Current CFO, Barbara Larson, will be stepping down to spend more time with family.
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WDAY Price Action: Workday shares were up 8.6% after hours at $213.30 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Workday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.