Explore the latest developments concerning Workday jumps 14%.
Workday jumps 14% as it bumps up margin forecast on AI strength
Workday shares surged as much as 14% in extended trading on Thursday after the finance and human resources software maker reported results that came in stronger than expected, while bumping up its margin forecast for the full fiscal year.
Workday's revenue grew 13% in the fiscal first quarter, which ended on April 30, according to a statement. The company reported net income of $222 million, or 87 cents per share, up from $68 million, or 25 cents per share, one year earlier.
With respect to guidance, Workday called for a 30% adjusted operating margin and $2.46 billion in subscription revenue for the fiscal second quarter. Analysts polled by StreetAccount had anticipated a 30% margin and $2.45 billion in subscription revenue.
Workday tops quarterly revenue estimates
May 21 (Reuters) – Workday exceeded Wall Street expectations for first-quarter revenue and profit on Thursday, as demand for its AI-powered finance and human resources software services gathered pace, sending its shares up 7% in extended trading.
The company, which specializes in HR and payroll software, has been adding AI features across its platform, betting that tools to automate tasks, generate job descriptions, or analyze spending patterns will drive customer adoption and deepen usage.
"Our focus remains on executing our agentic AI roadmap, while driving operational efficiencies as we scale," Chief Financial Officer Zane Rowe said in a statement.
The cloud software provider reported quarterly revenue of $2.54 billion, compared with analysts' average estimate of $2.52 billion, according to data compiled by LSEG.
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