Workday Lifts Annual Subscription Revenue Guidance as Results Beat in Q1 By Investing.com

By Yasin Ebrahim

Workday (NASDAQ:WDAY) reported on Wednesday first quarter results that beat analysts’ forecasts, and raised its outlook on full-year subscription revenue amid strong demand.

Workday was down more than 1% in afterhours trading following the report.

Workday announced earnings per share of 87 cents on revenue of $1.18 billion. Analysts polled by Investing.com anticipated EPS of 73 cents on revenue of $1.16 billion.

For Q2, subscription revenue was guided in the range of $1.095 billion to $1.097 billion, representing growth of 18%.

The company raised its fiscal 2022 guidance for subscription revenue to a range of $4.425 to $4.440 billion, representing growth of 17%. 2022 non-GAAP operating margin guidance was raised to a range of 18% to 19%.

“Building on last year’s momentum, our first quarter bookings outperformance, combined with ongoing strength in our pipeline, demonstrates continued demand for our solutions and increased confidence in new bookings acceleration this fiscal year,” he company said.

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