Workday, Inc. (NASDAQ: WDAY) provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments, and to manage their business and operations. The company offers a suite of financial management applications, which enable chief financial officers to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations. It also provides spend management solutions that helps organizations to streamline supplier selection and contracts, manage indirect spend, and build and execute sourcing events, such as requests for proposals; and human capital management solution, a suite of human capital management applications that allows organizations to manage the entire employee lifecycle from recruitment to retirement, and enables HR teams to hire, onboard, pay, develop, reskill, and provide employee experiences. In addition, the company offers applications for planning; and applications for analytics and reporting comprising augmented analytics to surface insights to the line of business in simple-to-understand stories, machine learning to drive efficiency and automation, and benchmarks to compare performance against other companies. It serves professional and business services, financial services, healthcare, education, government, technology, media, retail, and hospitality industries. The company has a partnership with Accenture to develop a suite of data-led and composable finance solutions. The company was formerly known as North Tahoe Power Tools, Inc. and changed its name to Workday, Inc. in July 2005. Workday, Inc. was incorporated in 2005 and is headquartered in Pleasanton, California.
Workday, a frontrunner in the realm of enterprise cloud applications for finance and human resources, is showcasing more than just resilience amid economic uncertainty, it’s thriving. Posting a robust YTD return of 46%, the company strongly positions itself as one of the tech stocks to watch.
Digging into its second-quarter financials for fiscal 2024, Workday reported a significant 16% jump in revenue to $1.79 billion. Additionally, the company saw an eye-popping 223% surge in net income to $78.7 million. What’s more, Workday beat the earnings per share expectations by a robust 14%. This underlines the company’s ability to deliver on its financial commitments.
More than just numbers, Workday is putting innovation at the forefront. It recently upped its fiscal 2024 subscription revenue guidance and unveiled its advancements in generative AI capabilities. These developments highlight the company’s focus on innovation, positioning it as an appealing choice among emerging tech stocks. Workday’s recent quarterly results reveal broad-based strength across various metrics. The company is also investing in future-oriented initiatives. Therefore, Workday is a tech stock for long-term investor to buy and hold for the foreseeable future.