Loading...
•
Apr 30, 2023
Workday Q1 2024 Earnings Report
Workday's first quarter of fiscal year 2024 showed strong financial performance.
Key Takeaways
Workday announced a strong first quarter for fiscal year 2024, with total revenues of $1.68 billion, up 17.4% year-over-year, and subscription revenues of $1.53 billion, up 20.1% year-over-year. The company is raising the low end of its fiscal 2024 subscription revenue guidance to a range of $6.550 billion to $6.575 billion, representing 18% growth over the prior fiscal year. They are maintaining their fiscal 2024 non-GAAP operating margin guidance of 23%.
Total revenues were $1.68 billion, an increase of 17.4% from the first quarter of fiscal 2023.
Subscription revenues were $1.53 billion, an increase of 20.1% from the same period last year.
Non-GAAP operating income for the first quarter was $395.9 million, or 23.5% of revenues.
Non-GAAP basic and diluted net income per share was $1.32 and $1.31, respectively.
Revenue by Segment
Forward Guidance
Workday is raising the low end of its fiscal 2024 subscription revenue guidance to a range of $6.550 billion to $6.575 billion, representing 18% growth over the prior fiscal year. They expect second-quarter subscription revenue to be $1.611 billion to $1.613 billion, also 18% growth. They are maintaining their fiscal 2024 non-GAAP operating margin guidance of 23%.
Positive Outlook
- Raising the low end of fiscal 2024 subscription revenue guidance.
- Maintaining fiscal 2024 non-GAAP operating margin guidance of 23%.
- Expecting second-quarter subscription revenue to be $1.611 billion to $1.613 billion, also 18% growth.
- Strong first quarter performance.
- Durable demand across solutions.
Challenges Ahead
- Did not provide GAAP operating margin guidance.
- Forward-looking statements are subject to risks, uncertainties, assumptions, and changes in circumstances.
- Breaches in security measures could impact results.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...