By Paulo Trevisani

 

Workday Inc. said Thursday that its fourth-quarter net loss narrowed as the developer of cloud applications saw revenue and subscriptions rise sharply over a year ago from businesses increasing their use of online services during the Covid-19 pandemic.

The company reported a loss of $71.7 million, or 30 cents a share, compared with a loss of $128 million, or 56 cents a share, in the same quarter a year ago.

On an adjusted basis, Workday reported a profit of 73 cents a share, compared with a profit of 50 cents a share a year ago.

Analysts had expected an adjusted profit of 55 cents a share, according to FactSet.

Total revenues were $1.13 billion, 16% higher than a year ago, while subscription revenue reached $1.01 billion, up 20%.

Subscription backlog rose 22% year over year, to $10.09 billion

"We had a very strong close to the year, as more organizations accelerate their HR and finance technology investments and adopt cloud-based systems to respond to an evolving world," Workday's co-CEO Chano Fernandez said.

 

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

February 25, 2021 16:43 ET (21:43 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.