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Workday Inc Stock Declines on Weak Y2019 Subscription Revenue Outlook

Workday Inc (NASDAQ:WDAY) posted a strong quarterly earnings showing in its latest report, but shares were tumbling as the company’s outlook for the current quarter missed the mark.

Workday IncThe on‑demand financial management and human capital management software vendor reported a loss of $74.4 million for its first quarter of fiscal 2019, coming in roughly at a loss of 35 cents per share. On an adjusted basis for stock option expense and non-recurring costs, the company brought in a profit of 33 cents per share.

The figure topped Wall Street’s expectations as analysts were calling for Workday to bring in adjusted earnings of 26 cents per share, according to data compiled by Zacks Investment Research from a survey of 26 analysts. The human resources software company brought in revenue of $618.6 million for the quarter, ahead of the $609.6 million that analysts polled by Zacks were calling for.

The company’s subscription revenue for its first quarter was its strongest metric of the period, gaining 30% compared to the year-ago quarter to $522 million, ahead of analysts’ forecast. For its fiscal 2019, Workday now sees subscription revenue in the range of $2.275 billion to $2.29 billion, which is on the lower end with analysts’ guidance of $2.28 billion.

WDAY stock was down about 0.6% during regular trading hours and fell a further 3.1% after the bell on its meek second-quarter outlook, despite the earnings beat.

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