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Shares of Workday, Inc. rose sharply in today's pre-market trading after the company reported its second-quarter financial results.
Workday reported second-quarter revenue of $2.08 billion, beating the consensus estimate of $2.07 billion. The company reported adjusted earnings of $1.75 per share, beating analyst estimates of $1.65 per share, according to Benzinga Pro.
Workday shares jumped 11.9% to $258.47 in pre-market trading.
Here are some other stocks moving in pre-market trading.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The shares of Workday Inc. experienced a nearly 13% surge in pre-market trading on Friday. This significant increase is attributed to the company’s impressive second-quarter results and an encouraging long-term outlook.
According to Benzinga Pro, at the time of writing, Workday was trading 12.51% higher at $259.99 after closing at $231.08 on Thursday.
Workday’s second-quarter revenue amounted to $2.08 billion, slightly exceeding the consensus estimate of $2.07 billion. The company’s adjusted earnings per share of $1.75 also surpassed analyst estimates of $1.65.
The software firm, known for its expertise in finance and human resources, concluded the quarter with a 12-month subscription revenue backlog of $6.8 billion, indicating a 16.1% increase year-over-year. The total subscription revenue backlog was reported at $21.58 billion, marking a 20.9% rise year-over-year.
Workday generated $571 million in operating cash flows and $516 million in free cash flow during the quarter. The company ended the quarter with a substantial $7.37 billion in cash, cash equivalents, and marketable securities.
Looking forward, Workday projects its third-quarter subscription revenue to be around $1.955 billion, which signifies a growth of 16%. The company’s full-year revenue is anticipated to be in the range of $7.7 billion to $7.725 billion.
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Image by Coolcaesar via Wikimedia Commons
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Michael Susin
Workday shares rose on Friday after the company posted profit and revenue ahead of market expectations in its fiscal second quarter, and lifted its margin target.
Shares in premarket trading were up 12% to $258.93. On a year-to-day basis, shares are down 16%.
For the three months ended July 31 the Pleasanton, Calif.-based human-resources software company posted on Thursday a profit of $132 million, or 49 cents a share, up from $79 million, or 30 cents a share, in the same period last year.
Adjusted per-share earnings were $1.75, compared with analysts' forecast of $1.74, according to FactSet.
Revenue rose 17% to $2.09 billion, topping the $2.07 billion expected by FactSet analysts.
The increase was boosted by subscription revenues which were up 17% to $1.9 billion.
Workday backed its subscription revenue outlook of $7.7 billion to $7.725 billion for the current fiscal year, representing growth of 16%, which is in line with the $7.72 billion expected by analysts surveyed by FactSet.
Adjusted operating margin--which strips out exceptional and other one-off items--guidance was upgraded to 25.25% from the previous target of 25.0%.
"We see a macroeconomic environment consistent with last quarter and are reiterating our full-year fiscal 2025 subscription revenue guidance while slightly raising our expectation for fiscal 2025 non-GAAP operating margin," Chief Financial Officer Zane Rowe said.
Write to Michael Susin at michael.susin@wsj.com
Traders apparently are baking in expectations that Federal Reserve Chairman Jerome Powell will confirm at Jackson Hole that a rate cut is forthcoming. After Thursday’s hiccup, stocks appear on track to open higher, with the index futures modestly higher early Friday. While delving into Powell’s speech, fund manager Louis Navellier said, “I suspect he’s going to say that the inflation has been in the Fed’s target range in the last three months, and he has to address the labor market as well.”
Analysts at Macquarie expect Powell to go with a neutral tone. “We wouldn’t be surprised by a moderate tone from Powell, which could have implications for currency markets and investor sentiment,” the analysts at the firm said, Investing.com reported. “Yet, we doubt that Powell will be so bold as to sound so ‘dovish,” they reportedly said.
Futures | Performance (+/-) |
Nasdaq 100 | +0.71% |
S&P 500 | +0.45% |
Dow | +0.30% |
R2K | +0.50% |
In premarket trading on Friday, the SPDR S&P 500 ETF Trust climbed 0.50% to $559.01, and the Invesco QQQ ETF gained 0.78% to $478.55, according to Benzinga Pro data.
Cues From Last Session:
Selling resumed on Thursday as a modest increase in jobless claims and a faster-than-expected expansion seen in the service sector sapped the risk appetite of traders. The major averages opened slightly higher and saw some volatility in early trading. They began to move steadily lower thereafter before ending notably lower for the session amid caution ahead of Powell’s speech on Friday.
IT stocks fell by the most, and consumer discretionary and communications services stocks also fell sharply, while energy, financial and real-estate stocks bucked the downtrend.
Index | Performance (+/) | Value |
Nasdaq Composite | -1.67% | 17,619.35 |
S&P 500 Index | -0.89% | 5,570.64 |
Dow Industrials | -0.43% | 40,712.78 |
Russell 2000 | -0.95% | 2,150.03 |
Insights From Analysts:
The market has shown a lot of resilience as they fought back after the Aug. 5 sell-off, said Fund Strat’s Tom Lee in a CNBC interview on Thursday. “The fact we snapped back so sharply is showing you how strong the market is,” he said. The July jobs data and the sharp downward adjustment made to non-farm payrolls during the annual revision gives more ammunition for the Fed to start a cutting cycle, he added.
This, the strategist, said will give more life to the economy and the markets, especially to cyclical and small-cap stocks. The techs are still in a good place due to the artificial intelligence technology, he said, adding that Nvidia Corp. will reinforce that. The multiple at which tech stocks are trading is not a demanding multiple, he said.
“If tech is in a good place and then we get Fed cuts, I think it allows the overall market to expand.”
Lee suggested the Fed should get off its data-dependence stance, as it is the reason why the central bank missed the inflation turn and is now missing the soft-landing.
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Crude oil futures are higher following back-to-back gains in the past two sessions and gold futures also advanced, with the yellow metal trading past the $2,530-an-ounce level. Bitcoin gained modest ground and traded above the $61K level. The yield on the 10-year Treasury note edged down slightly to 3.852%.
The Asian markets had a lackluster outing, as traders reacted to the pullback by Wall Street stocks overnight and chose to remain on the sidelines ahead of Powell’s speech. European stocks were higher in early trading.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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