Shares of Workday, Inc. (WDAY), a provider of enterprise cloud applications, surged by over 13% in pre-market trading on Friday to reach $262, following the release of stronger-than-expected second-quarter earnings. Additionally, the company announced a share buyback program worth up to $1 billion.
The company's net income for the second quarter stood at $132 million, or $0.49 per share, significantly up from $79 million, or $0.30 per share, in the corresponding quarter of the previous year.
After excluding one-time items, earnings per share were $1.75, surpassing analysts' average estimate of $1.65 per share.
Total revenues for the quarter amounted to $2.085 billion, representing a 16.7% increase year-over-year. Subscription revenues saw a rise of 17.2%, reaching $1.903 billion.
For the full fiscal year, Workday maintains its projection for subscription revenue to be between $7.700 billion and $7.725 billion, reflecting an approximate growth of 17%.
On Thursday, Workday shares closed at $231.08, a decline of 1.04%. Over the past year, the stock has ranged from $199.81 to $311.28.
