WDAY - Why Workday Stock Crashed 14% Today
2024-05-24 13:53:50 ET
Shares of human-resources software maker Workday (NASDAQ: WDAY) tumbled 13.8% through 11:40 a.m. ET on Friday, despite beating expectations in the company's first-quarter 2024 earnings report Thursday night.
Heading into earnings, analysts forecast Workday would earn $1.58 per share on sales of $1.97 billion. The company edged out the revenue prediction with sales of $1.99 billion, and beat the per-share guess soundly, earning $1.74.
But not all the news was good. Sales for the quarter climbed 18.1% year over year, and subscription revenue was up an even stronger 18.8%. But Workday's earnings were more of a bad news, good news situation.
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Why Workday Stock Crashed 14% Today