Workday’s quarterly earnings late Thursday initially seemed like bad news. The stock fell as much as 6% in afterhours trading, as the cloud-software company’s subscription revenue growth was only in line with Wall Street’s estimates and the fiscal-year forecast stayed unchanged. Workday now expects annual subscription revenue to grow in the mid-teens percent range in its 2026 and 2027 fiscal years—a bit below the 19% growth rate the company has averaged over the last three years.