Workday (WDAY) Earnings & Revenues Beat Estimates In Q3
Zacks Investment Research | Nov 30, 2018 07:47AM ET
Workday Inc. (NASDAQ:WDAY) delivered third-quarter fiscal 2019 non-GAAP earnings of 31 cents per share, surpassing the Zacks Consensus Estimate of 15 cents. The figure also improved 29.2% year over year.
Strong growth can primarily be attributed to a jump of 33.8% in revenues, which totaled $743.2 million. The figure outpaced the Zacks Consensus Estimate for revenues of $723 million. The robust top-line performance was driven by solid growth in subscription and professional revenues.
Subscription revenues (84% of total revenues) surged 34.7% year over year to $624.4 million, on the back of expanding customer base and robust net new ACV growth. Further, synergies from Adaptive Insights acquisition and strong product suite positively impacted the reported quarter’s revenues. The figure surpassed the guidance of $609-$611 million.
Professional services revenues (16% of total revenues) grew 29.4% from the year-ago quarter to $118.8 million and were better than the guidance of $114 million.
Revenues outside the United States climbed 47% to $170 million, representing a record 23% of total revenues in the reported quarter.
Workday’s shares have gained 44.6% year over year, significantly outperforming the Zacks Investment Research
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