Workday Inc. extended its hot streak today, easily beating Wall Street’s expectations on its fourth-quarter results.

The company, which sells financial management and human capital management software to large enterprises, reported a profit before certain costs such as stock compensation of 50 cents per share on revenue of $976.3 million, up 23% from a year ago. Subscription revenue accounted for $839.7 million of that total, up 24% from a year ago.

The results were better than expected, as Wall Street had forecast earnings of just 40 cents per share on revenue of $964.5 million. For the full year, Workday reported revenue of $3.63 billion, up 28.5% from a year earlier.

Workday’s earnings were boosted for the first time by the e-sourcing solutions firm Scout RFP Inc., which the company acquired for $540 million in November.

Workday has now beaten Wall Street’s earnings targets for 13 successive quarters, and although the company’s guidance for the upcoming quarter was not immediately available, investors indicated they’re happy enough, as the company’s stock was up almost 3% after-hours.

“We ended the fiscal year with significant momentum, including a record quarter for our financial management applications, great progress with our analytics and planning applications, and an excellent initial quarter with Scout RFP,” Workday Chief Executive Officer Aneel Bhusri said in a statement.

Workday is rapidly establishing itself as the “flywheel” of planning, executing and analyzing in human capital management and financial management, and the company is likely to cement its status if its future plans are anything to go by, said Constellation Research Inc. analyst Holger Mueller.

“Workday is now spending over $1 billion on product development, which means it probably has one of the largest HCM product development budgets,” Mueller said. “But it must show a return on this investment in the coming years, as the company has increased its losses. All in all it was a very good year for Workday, but now the team around Aneel Bhusri needs to scale, execute and establish a path to profitability.”

Photo: Workday/Facebook