Categories AlphaGraphs, Earnings, LATEST, Technology

Workday (WDAY) reports better-than-expected Q3 2020 results on strong customer growth

Workday (NASDAQ: WDAY) reported its third-quarter 2020 results, which beat the market’s views. The company posted non-GAAP earnings of $0.53 per share on revenue of $938 million, which increased 27% from last year. Wall Street had projected earnings to be $0.37 per share on revenue of $920.78 million. WDAY stock was trading up about 3% in the after-hours session.

Workday (WDAY) reports better-than-expected Q3 2020 results on strong customer growth

On a GAAP basis, the human resources software provider’s net loss per share shrank to $0.51 from a net loss of $0.70 per share in the prior-year quarter. Subscription revenue was $798.5 million, an increase of 27.9% from the same period last year.

Entering the seasonally strongest fourth quarter, Workday lifted its fiscal 2020 subscription revenue outlook to a range of $3.085 billion – $3.087 billion compared to the prior range of $3.06 billion – $3.07 billion. The enterprise cloud service provider predicts fourth-quarter subscription revenue to be between $828 million and $830 million.

At the end of October 31, 2019, Workday had more than 3,000 customers and 42 million users. Last month, the company announced its intention to acquire Scout RFP, a cloud-based platform for strategic sourcing and supplier engagement, for $540 million. This transaction is expected to close in the fourth quarter of Workday’s fiscal year 2020, ending January 31, 2020.

Workday stock had gained 9% so far this year, while it declined about 1% in the past three months.

We’re on Flipboard! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Also Read:  Adobe Inc. (ADBE) Q3 2020 Earnings Call Transcript

Most Popular

COVID-19 drove retailers up the digital path years ahead than anticipated

Earlier we looked into how, during the COVID-19 pandemic, retailers saw changing trends in terms of their assortments and how the acceleration of online shopping led many of them to

Snowflake (SNOW) creates a record as the most successful software IPO ever; stock more than doubles

Data is at the heart of business innovation. Recognizing this trend, companies are seeking ways to transform their businesses by capturing, analyzing, and mobilizing data. The public cloud is becoming

Adobe (ADBE) sees new tailwinds as virtual shift gathers steam

The second half has been highly rewarding for design software maker Adobe Inc. (NASDAQ: ADBE) amid stable demand for digital content solutions. The company has remained unaffected by the virus-related

One thought on “Workday (WDAY) reports better-than-expected Q3 2020 results on strong customer growth

Comments are closed.

Tags

Top