Workday Inc (NYSE:WDAY) stock was hit hard on Thursday after the company released its earnings report for its fiscal third quarter of 2017.
Workday Inc reported earnings per share of 3 cents for its fiscal third quarter of 2017. The company’s earnings per share broke even for the same time in the year prior. Wall Street was expecting the company to report losses per share of 5 cents for the quarter.
Revenue reported by Workday Inc in its fiscal third quarter of 2017 was $409.58 million. The cloud computing company reported revenue of $305.27 million in its fiscal third quarter of 2016. Analysts were expecting WDAY to report revenue of $433.60 million in its fiscal third quarter of 2017.
Subscription revenues reported by Workday Inc in its fiscal third quarter of 2017 were $335.7 million. This represents a 38.3% increase in subscription revenues when compared to the same time last year. It’s operating cash flow for the quarter was $71.5 million. Free cash flows were $43.9 million for this period.
“We had a strong third quarter and saw healthy demand across all major geographies and industries,” Aneel Bhusri, co-founder and CEO of Workday Inc, said in a statement. “We continue to lead with product differentiation, technology innovation, and real customer success, and believe these are significant differentiators for Workday in the market.”
Workday Inc is expecting revenue for its fiscal year of 2017 to be in the range of $1.560 billion to $1.563 billion. Wall Street is estimating revenue of $1.56 billion for the full year of fiscal 2017.
WDAY stock was down 11% as of Noon Friday.
