Pesky 'macro' stuff forces SaaS biz to yank revenue forecast, share price plunges double digits
SaaS application biz Workday is lowering revenue forecasts for the year after saying it is feeling the squeeze of larger customers taking longer to sign off on deals amid a wavering economy.Operating income was $64 million, or 3.2 percent of revenue, and this compared favorably to a $20 million operating loss in the corresponding quarter of the prior financial year.
"But we also closed fewer large deals than last Q1, notably in EMEA. When purchase decisions are being made, our win rates remain strong. But within the quarter, we experienced increased deal scrutiny as compared to prior quarters. The prior forecast was for revenue of between $7.725 billion and $7.775 billion but now the remodeled projection is between $7.7 billion and $7.725 billion. On the back of this, the share price fell 11 percent in the extended session.
"I would also say that some of that may be because we're talking to our customers about full platform deals. We're no longer just talking about HCM deals. And when we sell full platform, particularly in the large enterprise market, we are selling to multiple buyers."No more rockstars, say Billy Idol, Joan Jett in Workday Super Bowl ad
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