Workday Rises on Demand for Business Cloud-Based Software
- Company's quarterly sales top estimates amid customer gains
- Report follows Salesforce forecast that topped estimates
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Workday Inc. rose the most in more than three years after reporting revenue that topped analysts’ estimates, reassuring investors that demand for cloud-based software is growing despite concerns about the economy.
The company, which provides financial and human-resources software, late Monday said fourth-quarter sales rose 43 percent to $323.4 million. That topped estimates of $319.7 million, according to data compiled by Bloomberg. Workday also reported a narrower adjusted loss than was expected.