By Paul Ziobro

Shares of Workday rose late Thursday after the cloud software company posted better-than-expected first-quarter results and improved its outlook.

The stock rose 8.3% to $212.68 in after-market trading after closing the regular session at $196.41.

The Pleasanton, Calif.-based company earlier adjusted earnings and revenue ahead of Wall Street expectations, according to FactSet.

The company also slightly raised the low end of its subscription revenue guidance for the current fiscal year, and maintained its view for an adjusted operating margin of 23%.

For its current quarter, it expects subscription revenue of around $1.61 billion, up 18% from a year ago, in line with analyst estimates.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

May 25, 2023 17:07 ET (21:07 GMT)

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