Workday reported better-than-expected second-quarter results, and updated guidance at the upper end of its previous projections.

The stock was falling more than 5% late Thursday, below $183, after closing up 1.5% at $193.57 in regular trading.

The systems software maker reported adjusted earnings of $2.75 a share on revenue of $2.65 billion, up 12.8% from a year ago.

Analysts expected earnings of $2.61 a share and revenue of $2.64 billion. It reported subscription revenue of $2.47 billion, up 13.9% from a year ago, above its subscription revenue guidance of around $2.455 billion.

For its fiscal third quarter ended Oct. 31, Workday projects subscription revenue of $2.515 billion, up 12%, and adjusted operating margin of 30%.

For its full fiscal year 2027 ending Jan. 31, it expects subscription revenue of $9.94 billion to $9.95 billion, up 13%. It had previously guided for full-year subscription revenue of $9.925 billion to $9.950 billion.

The shares surged earlier this month on speculation that the private equity firm Silver Lake had held talks to acquire it, though no such deal has been announced. Shares later fell after other analysts downgraded the stock, with one saying consensus growth projections may have been "too optimistic."

Workday stock is down 9.9% this year through Thursday's close, and down 15.3% over the past 12 months.

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