Workday, Inc.

Workday (WDAY - Get Report) , the cloud-software company, earned an adjusted 43 cents a share in its first quarter, beating expectations by 2 cents, as subscription revenue rose sharply.

The stock declined 4.7% to $202.79 in trading on Wednesday. The stock has risen nearly 27% year to date.

Revenue in the period was $825.1 million, up from $618.6 million a year earlier and ahead of forecasts of $814.2 million. Subscription revenue in the period was $701 million, up 34.3% from a year earlier.

The company said it added about 150 stand-alone deals for Adaptive Insights, its business-planning software division, which it acquired last year for about $1.6 billion, The Wall Street Journal reported.

Workday said it expects fiscal second-quarter subscription revenue of $746 million to $748 million, an increase of about 32% from a year earlier. For fiscal 2020, the company expects subscription revenue of $3.04 billion to $3.06 billion, higher than its earlier guidance of $3.03 billion to $3.05 billion.