Wall Street Weighs In On Workday's Q3 Earnings
Workday Inc (NASDAQ: WDAY) shares dropped 4.8% on Wednesday after the company reported third-quarter earnings and revenue beats and raised its full-year subscription revenue guidance. Workday reported $798.5 million in total revenue, up 28% from a year ago and slightly ahead of consensus analyst forecasts. Workday guided for fiscal 2021 subscription revenue growth of 21% and operating margins of 14%, well short of Wall Street expectations of 24% and 15.5%, respectively. Mizuho analyst Siti Panigrahi said he is still bullish on Workday’s growth and margin expansion opportunities despite its weak 2021 guidance.