Workday jumps 3.3% on approval of $500 share buyback program
Workday (WDAY) Board of Directors approved a new share repurchase program with authorization to purchase up to $500M shares.
The new share repurchase program is designed to reduce the impact of future share dilution from employee stock issuances.
"Our investment philosophy remains centered around driving innovation to support long-term profitable growth. Our scale, combined with the strength of our business model and significant cash flow generation, enables us to continue investing for the long term, while also opportunistically buying back stock through a repurchase program. This program is a direct reflection of our belief that our shares are undervalued, and a demonstration of our confidence in the business and the long-term opportunity ahead." said Barbara Larson, CFO.

Stock up 3.3% pre-market.