Workday (WDAY) Misses Q1 EPS by 3c, Guidance Misses Consensus

Workday (NASDAQ: WDAY) reported Q1 EPS of $0.83, $0.03 worse than the analyst estimate of $0.86. Revenue for the quarter came in at $1.43 billion versus the consensus estimate of $1.43 billion.

GUIDANCE:

Workday sees Q2 2023 revenue of $5.537-5.557 billion, versus the consensus of $6.2 billion.

Workday sees FY2023 revenue of $1.353-1.355 billion, versus the consensus of $1.51 billion.

"Workday had a strong first quarter, building on the fiscal 2022 acceleration of our business," said Aneel Bhusri, co-founder, co-CEO, and chairman, Workday. "I'm confident in our opportunity ahead and the enduring growth of Workday. Our focus remains on cultivating our culture, while driving innovation across finance and HR, and expanding the value we bring to some of the world's largest organizations."

"Our continued global momentum and a healthy deal pipeline position us well to deliver a strong fiscal 2023," said Chano Fernandez, co-CEO, Workday. "As we look ahead, we will continue to remain focused on our people, who are so critical to our success, as well as driving high rates of customer satisfaction through our industry investments, as well as our expanded innovation efforts with our partner ecosystem."

"We had a solid start to the year, as organizations across the globe continue to choose Workday as their strategic finance and HR partner," said Barbara Larson, chief financial officer, Workday. "As a result, we are raising our fiscal 2023 subscription revenue to be in the range of $5.537 billion to $5.557 billion, representing year-over-year growth of 22%. We expect second quarter subscription revenue of $1.353 billion to $1.355 billion, representing year-over-year growth of 22%. We are maintaining our fiscal 2023 non-GAAP operating margin guidance of 18.5%, as we invest to capitalize on the long-term opportunity we see ahead."

For earnings history and earnings-related data on Workday (WDAY) click here.

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