Stock Alert: Workday Rises 7%

Shares of Workday Inc. (WDAY) are up more than 7 percent or $12.67 in Thursday's morning trade at $183.05 after the company reported strong revenue growth for the first quarter despite a wider net loss.

Workday, a provider of enterprise cloud applications, reported net loss for the first quarter that widened to $158.37 million or $0.68 per share from $116.28 million or $0.52 per share in the year-ago period. Adjusted earnings were $0.44 per share.

However, revenue for the quarter rose 23.4 percent to $1.02 billion from $0.83 billion last year, with subscription revenues up 25.8 percent from last year. Separately, Workday and Microsoft Corp. (MSFT) announced a strategic partnership that will enable Workday customers to run Workday Adaptive Planning on the Microsoft Azure cloud. Further, Microsoft will adopt Workday Adaptive Planning for its global finance teams for planning, budgeting, and forecasting to help accelerate decision making.

Workday also announced a partnership with Salesforce.com Inc. (CRM) to offer integrated solutions between Workday and Salesforce's Work.com, an all-new suite of applications and advisory resources. The pairing will equip joint customers with insights and tools to help them manage their workforce as businesses reopen following the COVID-19 pandemic.

The stock has traded in a range of $107.75 to $226.83 in the past 52 weeks.

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