Workday shares gain 6% on Q3 beat & raised guidance

By Davit Kirakosyan

Workday (NASDAQ:) shares rose around 6% after-hours following the company’s reported , with EPS of $0.99 coming in better than the Street estimate of $0.84. Revenue grew 20.5% year-over-year to $1.60 billion, compared to the Street estimate of $1.58B. Subscription revenue was up 22.3% year-over-year to $1.43B.

“There is no question that the current macro environment presents increased uncertainty, but, due to the great work of our employees and our continued innovation, we are confident in the long-term opportunity and our ability to navigate the road ahead,” said Aneel Bhusri, co-founder, co-CEO, and chairman of Workday.

The company raised the low end of its fiscal 2023 subscription revenue guidance to a range of $5.555-$5.557B. It also raised its 2023 non-GAAP operating margin guidance to 19.2%.

Furthermore, the company announced that its Board of Directors approved a new share repurchase program of up to $500 million of its Class A common stock.

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