What happened Shares of Workday (NASDAQ: WDAY) have popped today, closing out the session with gains of 7% after the company reported fiscal first-quarter earnings yesterday. The results were mixed relative to expectations, but investors also cheered two new partnerships. So what Revenue in the first quarter increased 23% to $1.02 billion, slightly ahead of the $1 billion in sales that Wall Street was looking for. That translated into adjusted net income of $108.8 million, or $0.44 per share. Analysts had been modeling for $0.49 per share in adjusted profits. Subscription revenue was $882 million, and the cloud-based human resources platform now has a subscription revenue backlog of $8.2 billion. Image source: Workday. "The cloud is playing a critical role in today's climate, with organizations leaning on Workday to pivot -- whether it's helping employees learn virtually, closing books remotely, or scenario planning to determine what path to take," CEO Aneel Bhusri said in a statement. "In many of these situations, our customers are running essential businesses, which we are incredibly grateful for." Now what Workday announced separate strategic partnerships with two enterprise software behemoths: Microsoft and Salesforce. The deal with Microsoft involves enterprise planning on the company's Azure cloud, while the new agreement with Salesforce includes deeper integrations designed to help mutual customers safely return to normal working conditions. While the COVID-19 pandemic continues to drive demand for many cloud-based enterprise services, ongoing macroeconomic uncertainties remain, so Workday is reducing its subscription revenue guidance accordingly. Subscription revenue in the second quarter is expected to be in the range of $913 million to $915 million, with subscription revenue for the full fiscal year forecast at $3.67 billion to $3.69 billion. 10 stocks we like better than WorkdayWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Workday wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool's board of directors. Evan Niu, CFA owns shares of Salesforce.com. The Motley Fool owns shares of and recommends Microsoft, Salesforce.com, and Workday and recommends the following options: long January 2021 $85 calls on Microsoft and short January 2021 $115 calls on Microsoft. The Motley Fool has a disclosure policy.Source