Enterprise cloud applications provider Workday (WDAY) reported Q3 results, which beat both top and bottom line estimates of the Street. The company posted EPS of $0.31 on revenues of $743 million. Analysts expected the company to post earnings of $0.14 per share on revenues of $723 million. The stock was up about 9% in the extended trading hours.
Total revenues surged 34% year-over-year to $743 million, while subscription revenue, which accounts for the lion’s share of total revenues, jumped 35% to $624 million. Subscription revenue backlog of $5.9 billion was up 31% annually.
GAAP loss per share widened to $0.70 from the loss of $0.41 per share in the prior year quarter.
“We extended our market leadership in HCM, welcoming more Fortune 500 customers to the Workday community, and accelerated adoption of Workday Financial Management as more finance organizations move to the cloud,” said CEO Aneel Bhusri.
Buoyed by the strength in the business, the Pleasanton, California-based firm lifted its FY19 subscription revenue outlook to a range of $2.375 billion to $2.377 billion compared to the prior estimate of $2.341 billion to $2.348 billion.
The strong upbeat results and bullish outlook from Salesforce (CRM) quarterly results on Tuesday helped the cloud stocks to trade in the positive territory on Wednesday. However, Workday shares ended Thursday’s trading session at $145.30, down 0.36%. The stock has gained 42% so far in this year and 36% in the past one year.
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