Why Workday Shares Are Getting Bid Up After Hours

Workday Inc WDAY shares are moving higher in extended trading Thursday after the company reported better-than-expected quarterly results.

What Happened: Workday said first-quarter revenue increased 17.4% year-over-year to $1.68 billion, which beat consensus estimates of $1.67 billion, per Benzinga Pro. The company reported quarterly earnings of $1.31 per share, which beat estimates of $1.12 per share.

Workday reported operating cash flows of $277.3 million, down from $439.7 million year-over-year. The company ended the quarter with $6.33 billion in cash, equivalents and marketable securities.

"Workday had a strong first quarter, underscoring the value proposition of the full Workday platform combined with our unique approach to artificial intelligence and machine learning," said Aneel Bhusri, co-founder, co-CEO, and chair of Workday.

Workday guided for second-quarter subscription revenue of $1.611 billion to $1.613 billion. Full-year subscription revenue is expected to be between $6.55 billion and $6.575 billion.

The company also appointed Zane Rowe as CFO, effective June 12. Current CFO, Barbara Larson, will be stepping down to spend more time with family.

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WDAY Price Action: Workday shares were up 8.6% after hours at $213.30 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Workday.