Workday soars 8% on Q1 beat & raise, appoints Zane Rowe as CFO

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Workday soars 8% on Q1 beat & raise, appoints Zane Rowe as CFO
Credit: © Reuters.

Workday (NASDAQ: WDAY ) shares surged more than 8% after-hours following the company’s reported Q1 results , with EPS of $1.31 coming in better than the consensus estimate of $1.12.

Revenue increased 17.4% year-over-year to $1.68 billion, compared to the consensus estimate of $1.67B. Subscription revenues grew 20.1% year-over-year to $1.53B. Total subscription revenue backlog grew 31.6% year-over-year to $16.65B.

The company raised the low end of its fiscal 2024 subscription revenue guidance to $6.550-$6.575B, representing an 18% growth. The company expects Q2 subscription revenue in the range of $1.611-$1.613B.

Furthermore, the company announced the appointment of Zane Rowe to CFO, effective June 12, 2023. Rowe served as a CFO of Vmware for seven years. Workday's current CFO, Barbara Larson, will be stepping back to spend more time with her family, after a transition period.

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