Fiscal '17 was a record year for us, says Workday CEO

Big wins push sales to record high as expenses push losses to... record high

It was a record-breaking year for finance and HR cloud purveyor Workday for all the right and the wrong reasons: sales reached a new high aided by Oracle’s disruptive buy of NetSuite, but losses soared too.

Revenues for the firm's fiscal 2017 ended 31 January were $1.569bn, up 35 per cent year-on-year, including subscription services of $1.287bn, up from $929.3m, and professional services of $282.3m, up 21 per cent.

On a conference call with analysts, CEO Aneel Bhusri said it closed Q4 - when total turnover grew to $436.6m from $323.4m - with 1,528 Human Capital Management punters including newbies BP, Deutsche Bank and Wal-Mart.

Over in the Financial Management applications area - financial consolidation, reporting and management pricing - 40 punters signed, including in the quarter, taking the tally to 324 for core financials, 111 for planning and 452 for expenses.

Bhusri claimed Oracle’s consumption of NetSuite “resulted in quite a bit of turmoil” in NetSuite’s customer base, “and I think it’s only at the beginning. My guess is that most of the NetSuite management team will be gone in 12 to 18 months,” he told CNBC.

Costs and expenses swelled to $1.946bn for the year, more than Workday turned over. This included big jumps in product development and sales and marketing, though there were other marked increases across the board.

This left the cloudy business nursing an operating loss of $376.6m compared to a loss of $264.6m in the prior year. After finance costs and tax, the net loss was $408.2m versus $289.9m.

For the current financial year, Bhusri predicted revenues would exceed $2bn and is making some changes to the leadership team, promoting Chano Fernandez to exec veep for global field operations. ®

Similar topics

Other stories you might like

  • Experts: AI should be recognized as inventors in patent law
    Plus: Police release deepfake of murdered teen in cold case, and more

    In-brief Governments around the world should pass intellectual property laws that grant rights to AI systems, two academics at the University of New South Wales in Australia argued.

    Alexandra George, and Toby Walsh, professors of law and AI, respectively, believe failing to recognize machines as inventors could have long-lasting impacts on economies and societies. 

    "If courts and governments decide that AI-made inventions cannot be patented, the implications could be huge," they wrote in a comment article published in Nature. "Funders and businesses would be less incentivized to pursue useful research using AI inventors when a return on their investment could be limited. Society could miss out on the development of worthwhile and life-saving inventions."

    Continue reading
  • Declassified and released: More secret files on US govt's emergency doomsday powers
    Nuke incoming? Quick break out the plans for rationing, censorship, property seizures, and more

    More papers describing the orders and messages the US President can issue in the event of apocalyptic crises, such as a devastating nuclear attack, have been declassified and released for all to see.

    These government files are part of a larger collection of records that discuss the nature, reach, and use of secret Presidential Emergency Action Documents: these are executive orders, announcements, and statements to Congress that are all ready to sign and send out as soon as a doomsday scenario occurs. PEADs are supposed to give America's commander-in-chief immediate extraordinary powers to overcome extraordinary events.

    PEADs have never been declassified or revealed before. They remain hush-hush, and their exact details are not publicly known.

    Continue reading
  • Stolen university credentials up for sale by Russian crooks, FBI warns
    Forget dark-web souks, thousands of these are already being traded on public bazaars

    Russian crooks are selling network credentials and virtual private network access for a "multitude" of US universities and colleges on criminal marketplaces, according to the FBI.

    According to a warning issued on Thursday, these stolen credentials sell for thousands of dollars on both dark web and public internet forums, and could lead to subsequent cyberattacks against individual employees or the schools themselves.

    "The exposure of usernames and passwords can lead to brute force credential stuffing computer network attacks, whereby attackers attempt logins across various internet sites or exploit them for subsequent cyber attacks as criminal actors take advantage of users recycling the same credentials across multiple accounts, internet sites, and services," the Feds' alert [PDF] said.

    Continue reading

Biting the hand that feeds IT © 1998–2022