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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.

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