Why Workday Stock Was Climbing Today

Shares of Workday (NASDAQ: WDAY) were rising today after the software-as-a-service company posted better-than-expected results on the bottom line in its third-quarter earnings report. Revenue at Workday, which provides a comprehensive software suite for businesses to manage finance and HR needs, rose 20.5% to $1.6 billion -- essentially even with analysts' estimate of $1.59 billion. Subscription revenue increased 22.3% to $1.43 billion, and total subscription backlog climbed 28.5% to $14.1 billion, giving investors confidence in the company's long-term growth.