Workday posts record quarterly revenues for Q2

Revenues grew 34 percent year over year, with subscription revenues growing even faster.

Workday on Wednesday posted higher-than-expected revenues for the second quarter of 2016, sending its stock up in after-hours trading.

The Software-as-a-Service (SaaS) provider reported a non-GAAP net loss of four cents a share on revenues of $377.7 million. Its revenues set a new quarterly record, rising 34 percent year over year. Subscription revenues grew even faster, increasing 37 percent year over year, to reach $306.2 million.

"We delivered record second quarter results with solid customer momentum and strong competitive win rates," said Workday CEO Aneel Bhusri in a statement. "The results were well balanced across our key initiatives as we saw consistent strength across product lines, industries, and geographies and we are proud to welcome our new largest customer based in the APJ region."

Wall Street was expecting a loss of two cents a share on revenue of $372.7 million.

For its third quarter outlook, the company is forecasting revenue of $398 million to $400 million.


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