Business As Usual For Workday in Q1
Jun 1, 2024
Workday's Q1 was pretty much like all its other quarters - right in line with expectations, with few surprises. Revenue was up 18%, and backlog grew 24%. The firm continues to build out its AI offerings. The decline in the stock price stemmed from a slight reduction in subscription revenue guidance for the year. As is often the case, it was overdone and now Workday stock looks pretty attractive, even with a slight cut in fair value from $233 to $229.
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