Workday, Splunk Lead Nasdaq Gainers as Investors Expect Strong SaaS Earnings
Investors have been excited about the Nasdaq Composite (NASDAQINDEX: ^IXIC) all year, and it has continued to press upward to new heights. Even as the coronavirus pandemic has put pressure on most companies, many of the tech innovators that make up much of the Nasdaq have been able to find solutions that customers have jumped on in order to make it through the crisis. That helped push the Nasdaq up more than half a percent on Wednesday morning as of 10:30 a.m. EDT, putting the index on track to set its fifth straight record high.
One thing that the coronavirus crisis has demonstrated is that companies that follow the software-as-a-service (SaaS) model to generate recurring revenue have generally fared quite well. Today, investors are concentrating on Workday (NASDAQ: WDAY) and Splunk (NASDAQ: SPLK), both of which are releasing their latest quarterly results this week. Given their past success, expectations are high, but the two companies have found ways to surpass high bars before.
Workday's stock surged higher by 8% on Wednesday morning. The company is set to issue its latest earnings release on Thursday.
Source Fool.com
