Tech investors eager for a stake in the fast-growing cloud computing sector should consider Workday stock.
The stock of human resources software maker Workday (WDAY) tanked following its third quarter earnings report posted after the close on Monday, Nov. 24. Shares fell 5.5% to $87 from $93 on Tuesday. Revenue growth exceeded expectations, but the company’s net loss widened to nearly $60 million, or 33 cents per share, from $48 million, or 27 cents per share, in the same quarter a year earlier. Plus, management forecast slower than expected revenue growth.For tech investors, the recent pounding could point to a buying opportunity. WDAY is a long-term opportunity in an industry with significant potential. Cloud computing and software-as-a-service, or SaaS, has been described as one of the most disruptive technologies in the enterprise software market and WDAY is well on its way to becoming a major player in that arena.