Workday swings to £21.07 million of net loss in the fiscal Q2

Workday Inc. (NASDAQ: WDAY) said on Thursday that its financial performance in the recent quarter was stronger than what the experts had forecast. The company also expressed confidence that it will show resilience in the rest of the fiscal year as well. Workday named Chano Fernandez as the new co-CEO on Thursday.

Workday’s quarterly results were well received by investors that pushed its stock up 12% in extended trading on Thursday. Including the price action, shares of the company are now trading at £182.12 per share that marks a record high since its listing in 2012. On a year to date basis, Workday Inc. is now about 30% up in the stock market.

In March, when the impact of the ongoing Coronavirus pandemic was at its peak, the stock had tanked to as low as £85.69 per share. Learn more about why prices rise and fall in the stock market.

Workday reports £800 million of sales in the second quarter

Workday said that its net loss in the fiscal second quarter came in at £21.07 million that translates to 9.03 pence a share. The financial management firm reported £800 million of sales in Q2 as compared to a lower £668 million in the comparable quarter of 2019.

On an adjusted basis, Workday earned 63.21 pence a share in the recent quarter versus the year-ago figure of 33.11 pence per share. Earlier in August, Workday partnered with International Business Machines (IBM) to streamline the return of customers back to the workplace.

For the full year, the human capital management software vendor now forecasts its revenue from subscriptions to print at around £2.81 billion this year. Its partner, IBM, published its quarterly earnings report in July that topped analysts’ estimates for earnings and revenue.

Former co-CEO David Duffield takes over the role of Chairman

Workday promoted Chano Fernandez to the co-CEO of the company to share the role with Aneel Bhusri. Its former co-CEO, David Duffield, exited daily operations and took over the role of the company’s chairman.

Fernandez was previously serving at Workday as the co-president; a position he shared with Robynne Sisco, who is now the company’s Chief Financial officer and sole president. Workday’s Vice-Chairman Tom Bogan, and Co-Founder Aneel Bhusri, are scheduled to present virtually at two investor conferences in the upcoming months.

At the time of writing, the American on-demand financial management and human capital management software vendor has a market cap of £38.31 billion.