Boston, MA 05/28/2014 (wallstreetpr) – Provider of enterprise cloud applications for finance and human resources, Workday Inc (NYSE:WDAY) announced an upbeat forecast for the second quarter as well as a full year that topped the estimations. The company also disclosed financial results for the first quarter that came in above the Wall Street analysts’ expectations.
The company sees revenues of $173 – $178 million for the second quarter representing a growth of 61 – 65% over the previous year period. This is well above the Street analysts’ predictions of $171.51 million.
For the full year 2014, Workday expects total revenues to be $730 – $750 million suggesting an uptick of 56 – 60% from the year 2013 level. The company’s revenue projection is the way ahead of the analysts’ estimation of $735.36 million.
Workday Inc (NYSE:WDAY) suffered a net loss of $59.389 million or a loss of 32 cents a share for the first quarter, wider than the net loss of $33.015 million or a loss of 20 cents a share in the year-ago quarter. On an adjusted basis, net loss per share would have been 13 cents compared a loss of 15 cents a share in the year earlier quarter. On average, Street analysts expected a loss of 15 cents a share.
Total revenues jumped 74% to $159.7 million from $91.65 million in the previous year quarter. Street predicted the company to generate revenue of $152.2 million. Subscription services revenue alone climbed 80% to $123.41 million from $68.42 million, whereas professional services revenue grew $36.33 million from $23.23 million in the year earlier period.
Workday Inc (NYSE:WDAY) co-founder and CEO Aneel Bhusri said that its technology innovations has allowed it to update every customer of Workday 22 in under six hours thus creating additional value for its customers besides setting fresh expectations. This included its recent shift to development based on a single code line.