Workday Earnings Miss, Revenue in Line in Q1

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Workday Earnings Miss, Revenue in Line in Q1
Credit: © Reuters. -- Workday (NASDAQ: WDAY ) reported on Thursday first quarter earnings that missed analysts' forecasts and revenue that was in line with expectations.

Workday announced earnings per share of $0.83 on revenue of $1.43B. Analysts polled by anticipated EPS of $0.8547 on revenue of $1.43B.

Revenue increased 22.1% from the first quarter last year, while subscription revenues were $1.27 billion, rising 23.2% year-over-year.

Workday shares lost 8.42% in after-hours trade following the report.

"Our continued global momentum and a healthy deal pipeline position us well to deliver a strong fiscal 2023," said Chano Fernandez, co-CEO of Workday.

The company raised its fiscal 2023 subscription revenue to be in the range of $5.537 billion to $5.557 billion, while it expects second-quarter subscription revenue to be between $1.353 billion to $1.355 billion.

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