Workday delivered better-than-expected first quarter financial results Thursday after the bell.
The software-as-a-service provider reported a net loss of $64 million, or 31 cents per share, compared to a net loss of $80.6 million, or 41 cents per share, a year earlier.
Non-GAAP earnings were 29 cents per share on revenue of $479.9 million, up 39 percent annually. Subscription revenue was $399.7 million, an increase of 42.7 percent from the same period last year.
Wall Street was expecting Q1 earnings of 16 cents per share on revenue of $467.33 million.
"Workday delivered a strong first quarter and achieved our highest net new ACV growth in nearly three years," said Workday CEO Aneel Bhusri. "As we look to the rest of fiscal 2018 and beyond, we believe our relentless focus on innovation and customer satisfaction will continue to be the differentiators that drive further momentum for our growing family of applications."
Details were not yet available on the company's outlook for the current quarter or fiscal year. However, Workday says it expects subscription revenue of $1.705 to $1.720 billion for fiscal 2018 and Q2 subscription revenue between $420 and $423 million.