Workday (WDAY.US) stock plunged more than 7% early in the session before erasing some losses in the afternoon despite better than expected quarterly results. Workday earned $1.10 per share, well above analysts’ estimates of 0.87 cents per share. Revenue climbed 20% to $1.33 billion beating Wall Street estimates of $1.31 billion amid faster growth in subscription revenue which increased 21% to $1.17 billion, edging by estimates of $1.16 billion. However, the company said the effects of the Covid-19 pandemic will weigh on growth in the coming year and the stock tumbled 7.3% in premarket trading. For the current quarter ending in January, the company expects subscription revenue of $1.217 billion at the midpoint of its guidance compared to market projections of $1.207 billion.
Workday (WDAY.US) stock launched today's session with a bearish price gap however sellers failed to break below the support at $277.60 which is marked with lower limit of the 1:1 structure and 38.2% Fibonacci retracement of the upward wave launched in mid-August. Later in the session buyers become more active and price rebounded. Currently stock is testing 50 SMA ( green line). If buyers manage to stay above it, the upward move may continue towards all-time high at $307.20. Source: xStation5
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