Workday shares slip after in-line results, outlook hike

Workday Inc. WDAY, -0.62%shares slipped in the extended session Thursday after the cloud-software company posted in-line results and raised its outlook. Workday shares fell 2.5% after hours, following a 0.6% decline to close at $130.96 in the regular session. The company reported a first-quarter loss of $74.

4 million, or 35 cents a share, compared with $64 million, or 31 cents a share, in the year-ago period. Adjusted earnings were 33 cents a share. Revenue rose to $618.6 million from $479.9 million in the year-ago period. Analysts surveyed by FactSet had estimated 33 cents a share on revenue of $618.6 million. Workday raised its outlook and now estimates subscription revenue of $557 million to $559 million in the second quarter and $2.28 billion to $2.29 billion for the year. Analysts expect subscription revenue of $552.6 million for the second quarter and $2.28 billion for the year.