Workday (NASDAQ: WDAY) reported Q1 earnings of approximately $2.45 billion, marking a 13.5% year-over-year increase and exceeding market consensus by 80 basis points. The company’s subscription revenue grew by 14.3%, driven by client wins and service penetration, while operating cash flow increased by 52%.
Despite a strong performance, Workday provided cautious guidance, with backlogs up 15.5%. The company also announced significant share buybacks totaling nearly $1.6 billion, resulting in a nearly 6% reduction in share count year-over-year. Following the earnings report, WDAY’s stock surged over 5% in premarket trading, indicating potential further upside as institutional investors accumulate shares.
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