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HomeAll newsMost read newsBusiness Leaders Biography
Birthday : 06/16/1947
Place of birth : France
Linked companies : Johnson Matthey PLC - Akzo Nobel NV
Biography : Patrick Webster Thomas is a British businessperson who has been the head of 5 different companies an

Workday Increases Subscription Revenue Outlook -- Update

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05/28/2019 | 05:00pm EDT

By Patrick Thomas

Workday Inc. reported stronger revenue in its latest quarter as it benefited from new and existing customers spending on its human-resources software.

The company, known for its platform that allows employees and managers to record hours worked and time off, said revenue grew 33% to $825.1 million in its fiscal first quarter from the same period a year earlier. Analysts surveyed by FactSet had expected revenue of $814 million in the quarter.

Subscription revenue, Workday's largest income source, increased 34% to $701 million for the period.

Chief Executive Aneel Bhusri said on a conference call with analysts that during the quarter, many of its existing customers paid more for Workday's services. For example, Mr. Bhusri said on the call, money manager Legg Mason Inc. expanded its use of Workday financial management to all of its affiliates.

The company also said it added about 150 stand-alone deals, which included Airbus SE, AstraZeneca PLC and H&R Block Inc., for its newly acquired business-planning software maker Adaptive Insights. Workday bought Adaptive for about $1.6 billion last year.

The Pleasanton, Calif.-based company on Tuesday raised its subscription revenue forecast to between $3.04 billion and $3.06 billion, from an earlier range of $3.03 billion to $3.05 billion.

For the current quarter, the company guided subscription revenue between $746 million and $748 million, up about 32% from a year earlier, as analysts had expected $742 million.

Shares in Workday fell slightly in aftermarket trading. The software company's stock, which closed at a record high Tuesday at $212.87, has gained 33% this year and surged 63% over the past 12 months.

Still, expense growth managed to outpace revenue growth. Total costs and expenses for the quarter were $948.4 million, up about 37% from a year earlier. Workday's finance chief Robynne Sisco said on the call that the company added about 400 net employees during the quarter, bringing its total to 11,000 through the end of April.

In the latest period, Workday reported a loss of $116.3 million, or 52 cents a share, compared with $74.4 million, or 35 cents a share, a year ago.

Excluding one-time items, the company posted an adjusted profit of 43 cents a share. Analysts surveyed by FactSet were expecting a profit of 41 cents a share on an adjusted basis.

Write to Patrick Thomas at Patrick.Thomas@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA 0.18% 758.6 Delayed Quote.12.39%
ASTRAZENECA -0.19% 6390 Delayed Quote.8.80%
H&R BLOCK -0.57% 28.02 Delayed Quote.10.45%
WORKDAY INC. -1.67% 214.24 Delayed Quote.34.17%
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