NEWS DEALS &WINS Workday overshoots in Q4 gaining ground on $10bn target

Workday announced financial results for its fiscal fourth quarter ended January 31, 2023, with revenue wins bringing the vendor closer to its 2025 $10bn target.

Total revenues jumped 21 percent, reaching $6.22bn and showcasing consistent growth over the year.

Quarterly revenues rose 19.6 percent to $1.65bn in Q4 yearon-year.

Q4 subscription revenues increased 21.7 percent to $1.5bn, matching the announcement from coCEO Aneel Bhusri that the company reached 10,000 customers globally this quarter.

Subscription revenue backlog continued to overshoot 20 percent growth targets. The two-year backlog increased 21.3 percent to $9.68bn, bringing the total subscription revenue backlog to $16.45bn, a 28.4 percent increase YoY.

Despite Q4 operating losses shrinking almost two points YoY to $89m, losses for the full fiscal year grew to 3.6 percent YoY, reaching $222.2m.

Operating cash flows grew to $1.66bn and cash, cash equivalents and marketable securities almost doubled YoY from $3.64bn to $6.12bn as of January 31, 2023.

Looking ahead, Workday is doubling down on AI and ML investment through Workday Ventures, having announced a $250m expansion of the fund to focus on larger growth areas such as generative AI. The firm will also continue to branch into SME, niche industry and EMEA markets.

“We closed our fiscal year with another solid quarter,” said Bhusri. “Despite the unpredictable environment, we remain well-positioned to drive the future of work for our more than 10,000 customers thanks to our amazing employees and unique approach to embedding artificial intelligence and machine learning into the very core of our platform.”

Red Hat Expands Visibility Across Hybrid Cloud Workflows

Red Hat has announced enhancements to Red Hat Insights, its predictive analytics offering. This includes integrations for ServiceNow and Slack, as well as expanded monitoring capabilities to identify known threats in Red Hat OpenShift and Red Hat Enterprise Linux.

Insights malware detection will assess Red Hat Enterprise Linux systems, utilizing over 175 signatures of known Linux malware. The enhancements will reduce risks in customers’ hybrid cloud operating environments for a more secure IT framework.

Deloitte and Marqeta to accelerate payment modernization

Deloitte and Marqeta, the global modern card issuing platform, have announced a strategic alliance to provide innovative payment solutions and accelerate the payment modernization efforts of banks, fintechs and payments providers.

The alliance combines Deloitte’s payments expertise and consulting services with Marqeta’s API-driven platform and is designed to help companies in the payments ecosystem create innovative digital payment solutions and scalable and customized payments experiences designed to increase customer loyalty and drive value.