Why Workday Stock Popped Today
Shares of Workday (NASDAQ: WDAY) have popped today, closing out the session with gains of 7% after the company reported fiscal first-quarter earnings yesterday. The results were mixed relative to expectations, but investors also cheered two new partnerships.
Revenue in the first quarter increased 23% to $1.02 billion, slightly ahead of the $1 billion in sales that Wall Street was looking for. That translated into adjusted net income of $108.8 million, or $0.44 per share. Analysts had been modeling for $0.49 per share in adjusted profits. Subscription revenue was $882 million, and the cloud-based human resources platform now has a subscription revenue backlog of $8.2 billion.
Image source: Workday.
Source Fool.com
