(Adds shares, details, compares with estimates)
Nov 29 (Reuters) - Workday Inc reported a better-than-expected quarterly profit and revenue on Thursday, as more companies signed up for the company's cloud-based finance and human resources management software.
The software maker's shares rose 6 percent to $154.96 after the bell on Thursday.
Subscription services revenue, which accounts for a major portion of the company's total revenue, rose 34.7 percent to $624.4 million, while professional services revenue rose 29.4 percent to $118.8 million.
Workday has been benefiting from a trend of enterprises shifting to cloud-based applications to manage their payroll and human resources.
With the acquisition of cloud-based business performance management software maker Adaptive Insights in August, Workday attempts to become a one-step solution for all back-office services for small and medium sized businesses in this fiercely competitive market.
The software maker's net loss widened to $153.3 million, or 70 cents per share, in the third quarter ended Oct. 31, from $85.5 million, or 41 cents per share, a year earlier.
Revenue rose 34 percent to $743.2 million, above analysts' estimate of $723 million, according to IBES data from Refinitiv.
Excluding items, the company earned 31 cents per share beating analysts' average estimate of 14 cents per share. (Reporting by Sayanti Chakraborty in Bengaluru; Editing by Shailesh Kuber)