American on-demand financial management firm Workday Inc. upgraded its subscription revenue for the year even as it reported a wider net loss in the first three months, the company said in a filing.
Chief Financial Officer Barbara Larson said subscription revenue is expected to fall in the range of $5.537 billion to $5.557 billion, for the full year and between $1.353 billion to $1.355 billion in the second quarter of the year.
First-quarter net loss stood at $102.173 million, following the $46.522 million loss in the same quarter last year. Diluted net loss per share was recorded at $0.41 versus the $0.19 recorded in the first quarter of 2021.
First-quarter revenues climbed to $1.434 billion from $1.175 billion in the same quarter last year, as subscription services jumped to $1.272 billion from $1.032 billion, and professional services grew to $162.581 million from $142.864 million.
Co-Chief Executive Officer Chano Fernandez said the company remains focused on its people, driving high rates of customer satisfaction through industry investments and its expanded innovation efforts.