Workday Cuts Forecast For Fiscal Year Subscription Revenue
May 27 2020 - 05:09PM
Dow Jones News
By Micah Maidenberg
Workday Inc. said Wednesday that it is reducing its forecast for
subscription-based revenue for its current fiscal year due to the
effects of the Covid-19 pandemic.
The company said it now believes it will generate
subscription-based revenue in the range of $3.67 billion to $3.69
billion for its fiscal 2021 year.
In February, the provider of cloud-based human resources and
financial reporting software said it expected subscription-based
revenue of $3.76 billion to $3.77 billion for the fiscal year.
The company also said Wednesday it expects its adjusted
operating margin to be 16% for the fiscal year.
Workday shares gained 7.1% to $182.49 in after-hours
trading.
Workday and Microsoft Corp. announced a new strategic
partnership on Wednesday. Under the arrangement, Workday customers
will also be able to run Workday Adaptive Planning, a planning tool
for businesses focused on finance, sales and workforce issues, on
Microsoft's Azure cloud.
Microsoft will adopt Workday Adaptive Planning for its global
finance teams, the companies said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
May 27, 2020 16:54 ET (20:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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