By Kathryn Hardison

Shares of Workday Inc. rose 5.8% to $151.68 in after-hours trading on Tuesday after the company reported higher third-quarter revenue as organizations continue to use its enterprise cloud applications for finance and human resources.

The company said quarterly revenue climbed 21% to $1.60 billion, while subscription revenue increased 22% to $1.43 billion.

Co-Chief Executive Chano Fernandez said the company's results represent how organizations are continuing to choose Workday's services during their digital transformations.

The company swung to a loss of $74.7 million, or 29 cents per share, from a profit of $43.4 million, or 17 cents per share a year ago. Adjusted per-share earnings were 99 cents.

Workday also said it was raising the low end of its fiscal 2023 subscription revenue guidance to a range of $5.555 billion to $5.557 billion.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

11-29-22 1701ET