Workday, Inc. WDAY reported better-than-expected first-quarter results after Tuesday's close, but shares are trading lower in Wednesday's session.
Workday reported first-quarter EPS at 43 cents, which beat the 41 cents estimated by analysts. The company reported first-quarter revenues of $825.055 million, which beat $813.93 million estimate.
Why Is It Lower?
Needham analyst Scott Berg explained in an email to Benzinga:
"I believe the stock is mainly weak due to some concern about deal flow being more backend loaded into 4Q. The company has seen new business shift a bit more towards this trend over the last two years but the commentary in the 1Q call suggested the shift will be a bit more pronounced this year. I spoke with the company's CFO after the public call and the shift is indeed small but some view this as an incremental risk to the year when deals are moved to later periods.”
Workday's traded lower by 4.9 percent at $202.44 per share at time of publication.
Related Links:
Workday's Q1 Print Strengthens The Long-Term Thesis, Says Bullish Bank Of America
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.