Workday Reports Third Quarter Financial Results | Financial Buzz

Workday Reports Third Quarter Financial Results

Workday, Inc. (NASDAQ: WDAY) announced financial results for fiscal 2021 third quarter that ended October 31st, 2020.  Total revenues amounted to USD 1.11 Billion, a 17.9% rise compared to the same period a year ago.  Subscription revenue reached USD 968.5 Million, a 21.3% increase compared to the same period last year.  Operating loss summed up to USD 14.1 Million as Non-GAAP operating income for the third quarter amounted to USD 268.1 Million.  Operating cash flows were USD 293.8 Million while cash, cash equivalents and marketable securities reached USD 2.95 Billion at the end of the third quarter.  “It was another strong quarter across our product portfolio with continued momentum in financial management – which has now reached 1,000 customers. We also had some of our largest Workday Human Capital Management go-lives to-date and record customer demand on the strategic sourcing front,” said Aneel Bhusri, co-founder and co-CEO, Workday. “In this rapidly changing environment, the value of Workday in helping businesses drive and support change is clear, as more organizations focus on digital acceleration in order to meet the demands of the year and beyond. I continue to be so impressed and appreciative of our employees and customers – who are stepping up in such encouraging ways to navigate these challenging times.”

“In addition to several strategic wins in HR and finance, we also saw continued momentum selling into our existing customer base,” said Chano Fernandez, co-CEO, Workday. “Whether our employees were helping to innovate, drive awareness, close deals, or successfully supporting deployments – all in a fully virtual way – their commitment to our customers this quarter is evident, and I couldn’t be prouder. As we look ahead, I remain confident in our ability to capitalize on the growth opportunity in front of us while helping to take our customers to new heights.”

“We executed well in an uncertain environment and delivered strong results, with subscription revenue growth of 21.3% and non-GAAP operating margin of 24.2%,” said Robynne Sisco, president and chief financial officer, Workday. “Based on our strong third quarter, we are raising our fiscal 2021 subscription revenue guidance to a range of $3.773 billion to $3.775 billion. As we enter Q4, we are increasing our pace of investments to capitalize on the long-term opportunity that we see ahead.”