What's Going On With Workday Stock After Earnings?
Portfolio Pulse from Erica Kollmann
Workday, Inc. (NASDAQ:WDAY) shares are trading lower after the company reported its first-quarter financial results and lowered its forward guidance. Despite beating analyst estimates for quarterly sales and earnings, the company reduced its second-quarter and fiscal-year subscription revenue forecasts. Several analysts have subsequently lowered their price targets for the stock. Workday shares are down 13% on heavy trading volume.
May 24, 2024 | 3:16 pm
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Workday shares are down 13% after the company reported Q1 earnings that beat estimates but lowered its forward guidance. Analysts have cut their price targets, contributing to the stock's decline.
The lowered forward guidance has overshadowed the positive earnings report, leading to a significant drop in the stock price. Multiple analysts have also reduced their price targets, indicating a bearish short-term outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100