Workday's AI Momentum Continues as Solid Q1 Results Posted, RBC Says

MT Newswires Live05-22 23:27

Workday's (WDAY) momentum in artificial intelligence continues as the company posted solid fiscal Q1 results, RBC Capital Markets said in a Thursday note.

The company is beginning to see early AI traction as more than 4,000 customers are now using one of its organically developed AI agents, marking a more-than-double increase from the previous quarter, RBC analysts said. They noted that Workday's Recruiting Agent assisted with 14 million hiring processes in the quarter, up 44% year over year.

Around 60% of subscription revenue growth came from expansions, while the quarter delivered its best net new growth in annual contract value in the past five years, the analysts said.

New annual growth from agentic AI products increased more than 200% from a year ago, while total annual recurring revenue from Agentic AI Solutions is now nearing $500 million, pointing to Workday's acceleration in AI, according to the note.

RBC maintained the company's stock rating at outperform and price target at $180.

Price: 126.84, Change: +4.99, Percent Change: +4.10

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