Workday is a leading provider of enterprise cloud applications for finance and human resources. Workday, Inc. (NASDAQ: WDAY) reported financial results for fiscal 2020 third quarter. Total revenue for the 3rd quarter reached USD 938.1 Million, up 26.2% from a year ago. Subscription revenue increased to a total of USD 798.5 Million, up 27.9% from the same period last year. Workday reported an operating loss of USD 110.3 Million.
“Companies of all sizes and industries continue to select Workday, and we’re thrilled that as of the end of Q3, we have more than 3,000 customers and 42 million users,” said Aneel Bhusri, co-founder and CEO, Workday. “As our community grows, so do our applications. We recently announced plans to deepen our offering for the office of finance with the intended acquisition of Scout RFP. We also unveiled several ways our customers can leverage leading machine learning capabilities that are powering our applications – helping them to make more informed decisions as they navigate this changing world of work.”
“We executed well in the third quarter and delivered strong results, with subscription revenue growth of 28% and non-GAAP operating margin of 15%,” said Robynne Sisco, co-president and chief financial officer, Workday. “We are well positioned as we enter our seasonally strongest quarter, and we are raising our fiscal 2020 subscription revenue outlook to $3.085 billion to $3.087 billion. We expect fourth-quarter subscription revenue of $828.0 million to $830.0 million. Our focus remains on driving durable growth, while also progressing towards our longer-term margin goals.”
Workday previously reported its commitment to acquire Scout RFP in fourth quarter of fiscal 2020.