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 firstname.lastname@example.org
(END) Dow Jones Newswires
February 25, 2021 16:43 ET (21:43 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.