Workday’s Revenue by Segment (2017-2022)

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This statistic highlights Workday’s Revenue by Segment from 2017 onwards, split between subscription services and professional services segments.
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This statistic highlights Workday’s Revenue by Segment from 2017 onwards, split between subscription services and professional services segments.

The following table highlights Workday’s Revenue by Segment for Q3 2022, Q2 2022, and Q3 2021.

Revenue by Segment Q3 2021 Q2 2022 Q3 2022 Contribution in Q3 2022
Subscription services  $0.97  $1.11   $1.17 88%
Professional services $0.14 $0.15 $0.16 12%
Total $1.11   $1.26   $1.33  100%

 (All figures in billions, except percentages)

Workday’s total revenue increased from $1.11 billion in Q3 2021 to $1.33 billion in Q3 2022, marking a 19.8% growth on a year-on-year basis. It also rose by 5.56% compared to $1.26 billion earned in Q2 2022.

Workday’s revenue is bifurcated into the following segments:

Subscription Services

This segment generates revenue by charging fees that give customers access to use the company’s cloud applications and customer support services. The company develops a host of cloud-based applications for financial management, spend management, human capital management, planning, and analytics.

Revenue:  This revenue is primarily dependent on the number of customers, the number of employees hired by the customers, applications subscribed to by each customer, and the application price. There is a growth of 20.6% in this segment from $0.97 billion earned in Q3 2021 to $1.17 billion in Q3 2022 on a yearly basis and a growth of 5.4% compared to $1.11 billion earned in Q2 2022. The rise in revenue is attributable to the increasing customer base.

It is possible that the impact of COVID-19 on the company’s sales may not be reflected in the revenues pertaining discussed above. This is because the company recognizes revenue from subscriptions over the contract term, which are usually three years or longer. Customers are billed annually in advance. These revenues are then recorded as unearned revenues and are recognized once the services for that particular quarter have been rendered.

Moreover, the company’s subscription model is dependent on the employee headcount of customers. Thus, mass layoffs due to the pandemic could harm the revenues. Customer insolvencies because of the pandemic can also prove detrimental.

Professional Services

This segment generates revenue from fees for providing deployment, optimization, and training services to customers. These services are performed by the company staff or by third parties called service partners. Service partners are global systems integrators and regional firms that help in the deployment of the software.

Revenue: Revenue from professional services increased due to deployment and integration services provided to a larger number of customers. COVID-19 pandemic had a negative impact on this segment and resulted in a decline due to a fall in training revenue. It is expected that the revenues earned by this segment will decline in the future as these partners can start independently contracting the customers. Yet this segment remains important for enriching customer experience. The segment’s revenues observed a quarterly growth of 6% and an annual growth of around 13% in Q3 2022.

About the Company

Workday is an American cloud software service provider that is headquartered in Pleasanton, California, United States. The company was founded in March 2005 by Dave Duffield and Aneel Bhusri. The company provides software solutions for finance, planning, human resources, and spend management. It provides software service solutions to more than 8,000 organizations and helps them solve some of the most complex business tasks, comprising supporting and empowering the workforce, management of the finances and spending in a dynamic environment, and planning for uncertainties.

The common stock of the company is traded in Nasdaq Global Select Market (“NASDAQ”) under the ticker symbol “WDAY”. It provides innovative and adaptable technology that focuses on the internet experience of consumers and the cloud delivery model. The current financial focus of the company is on growing its revenues and expanding its customer base.

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