Workday Rises 6% As Q2 Earnings Beat The Street On Subscription Revenue Growth

(RTTNews) - Shares of enterprise cloud applications provider Workday, Inc. (WDAY) are up more than 6% Friday morning after reporting better-than-expected second-quarter results.

Excluding one-time items, Workday reported earnings of $217.70 million or $0.83 per share in the second quarter, that beat the average estimate of analysts polled by Thomson-Reuters of $0.80 per share.

While the company reported net loss for the quarter at $64.16 million or $0.25 per share, its revenue increased 21.9% to $1.54 billion helped primarily by subscription revenue growth.

Looking forward to the third quarter, the company expects subscription revenue of $1.418 billion-$1.420 billion, a growth of 21% from the year ago period.

For the full year, subscription revenue is expected between $5.537 billion and $5.557 billion, up 22% year-over-year.

WDAY is at $172.88 currently. It has traded in the range of $134.10-$307.81 in the past 52 weeks.