What happened
Shares of Workiva (WK -0.23%) gained 61.9% across the first six months of 2019, according to data from S&P Global Market Intelligence. The stock has continued its impressive run amid momentum for the broader market, and it posted gains following two quarterly reports and a string of awards given to its services.
Workiva reported fourth-quarter and full-year earnings on Feb. 20, and it also issued guidance for 2019. The stock-price gains following the company's next quarterly release (which arrived on May 1) were less pronounced, but the report still helped push shares higher and allowed the company to close out the first half of the year at a lifetime high.
Image source: Getty Images.
So what
Workiva's fourth-quarter revenue reached $64.4 million (up 18.2% year over year), and the company posted a non-GAAP (adjusted) loss of $300,000 -- improving from a loss of $8.4 million in the prior-year quarter. Subscription and support revenue rose 18.1% to $53.8 million.
Revenue in the first quarter climbed to $70 million, up 16.8% year over year. Subscription and support revenue rose 20.8% year over year and generated $56.1 million in sales. The company's net income for the period was $700,000, up from a loss of $3.7 million in the prior-year period. Workiva also announced that it had opened new offices in Paris and Frankfurt a day before publishing its first-quarter results.
Now what
Workiva stock has continued to move higher in July, with shares up roughly 4.6% in the month's trading so far.
The company is scheduled to report second-quarter results after the market closes on Aug. 6; it is guiding for sales of $68.6 million to $69.1 million and a non-GAAP loss of $4.2 million to $4.7 million. Workiva is valued at roughly 9.5 times this year's expected sales.
