(Reuters) - Workday Inc (WDAY.O) on Wednesday reported better-than-expected quarterly profit and revenue as more companies opted for its cloud-based finance and human resources software, prompting it to raise its full-year sales outlook for the third time.
The company said it now expects fiscal 2018 subscription revenue of at least $1.78 billion, up from a range of $1.75 billion to $1.76 billion estimated previously.
“The outlook for the remainder of fiscal 2018 and beyond is bright as we continue to add new customers ... and unlock new growth drivers,” Chief Executive Aneel Bhusri said.
Net loss narrowed to $85.5 million, or 41 cents per share, in the third quarter ended Oct. 31 from $110.1 million, or 55 cents, a year earlier.
On an adjusted basis, it earned 24 cents per share.
Total revenue rose 34.3 percent to $555.4 million.
Analysts on average had expected adjusted profit of 15 cents per share and revenue of $540.6 million, according to Thomson Reuters I/B/E/S.
Shares of the company were little changed at $106.20 in extended trading on Wednesday.
Reporting by Munsif Vengattil and Ankit Ajmera in Bengaluru; Editing by Anil D'Silva