TMTB: WDAY ZM First Takes; EOD Wrap (GOOGL thoughts)

WDAY -6% looks inline with street but misses buyside bogeys on subscription revs and cRPO

Given expectations and stock at highs, not surprising to see a bit of a pullback given slight miss to buyside bogeys. Will look to the call for more color around IT spending trends.

Q4 revs $1.92B vs street at $1.92B
Q4 Subscription revenue $1.76B, in line with street but missing buyside bogeys by 1%
Q4 cRPO 20% y/y growth vs buyside expectations of 21%.

"We are reiterating our fiscal year 2025 subscription revenue guidance of $7.725 billion to $7.775 billion, representing growth of 17% to 18%. We expect fiscal year 2025 non-GAAP operating margin of approximately 24.5%.

RESULTS: Q4
Revenue $1.92B, +17% y/y, EST $1.91B
Subscription revenue $1.76B, +18% y/y, EST $1.77B
Professional services revenue $162M, +7.4% y/y, EST $158.7M
Product development expense $635M, +3.2% y/y
ADJ operating margin 23.9% vs. 18.5% y/y, EST 23.6%