Workday Hikes on Earnings Beat
Workday (NASDAQ:WDAY) jumped Friday after topping first-quarter expectations on the top and bottom lines. The financial management software firm also named a new chief financial officer, Zane Rowe, and raised the low end of its full year subscription revenue guidance.
Total revenues were $1.68 billion, an increase of 17.4% from the first quarter of fiscal 2023. Subscription revenues were $1.53 billion, an increase of 20.1% from the same period last year.
Operating loss was $19.8 million, or negative 1.2% of revenues, compared to an operating loss of $72.8 million, or negative 5.1% of revenues, in the same period last year. Non-GAAP operating income for the first quarter was $395.9 million, or 23.5% of revenues, compared to a non-GAAP operating income of $288.6 million, or 20.1% of revenues, in the same period last year.
Net income per share was zero, compared to basic and diluted net loss per share of $0.41 in the first quarter of fiscal 2023. Non-GAAP basic and diluted net income per share was $1.32 and $1.31, respectively, compared to non-GAAP basic and diluted net income per share of $0.86 and $0.83, respectively, in the same period last year.
Operating cash flows were $277.3 million compared to $439.7 million in the prior year. Cash, cash equivalents, and marketable securities were $6.33 billion as of April 30, 2023.
WDAY shares galloped $21.11, or 10.8%, to $217.52.
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