Workday earnings top expectations on adjusted basis

Workday Inc. posted better-than-expected adjusted earnings and revenue Tuesday afternoon, and shares bounced around in after-hours action. The cloud-software company reported first-quarter losses of $116.3 million, or 52 cents a share, on revenue of $825.1 million, up from $618.6 million a year ago. After adjusting for stock-based compensation and other effects, the company claimed earnings of 43 cents a share, up from 33 cents a share a year ago. Analysts on average expected adjusted earnings of 41 cents a share on sales of $814.2 million, according to FactSet. Workday also slightly increased its forecast for subscription revenue for its fiscal year, to $3.045 billion to $3.6 billion from a previous range of $3.03 billion to $3.045 billion. After initially declining in the extended session, Workday shares moved about 2% higher at last check.

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