Workday, a company that offers human resources and finance software, reported a 15% year-over-year increase in revenue for the quarter ending Jan. 31.

However, net income declined to US$94 million, or 35 cents per share, down from US$1.19 billion, or US$4.52 per share, during the same period last year.

This decline was largely due to a US$1.1 billion tax-related valuation allowance released that benefited the previous year’s results.

The company noted a rising demand for its AI tools.