Workday cuts 400 jobs as software stocks tumble
Dado Ruvic/REUTERS Workday announced layoffs affecting about 2% of its workforce, mostly those in customer-service roles. The company said it's realigning resources while continuing to hire in strategic areas and locations. The cuts come as AI developments rattle software investors, with Workday shares down about 34% from a year ago. Workday is laying off about 400 employees, citing a need to realign its resources to meet its top priorities. In a securities filing Wednesday, the California-based software provider for payroll, talent management, and expense processing said the cuts represent about 2% of its overall workforce and will primarily affect non-revenue-generating roles within its global customer service team. It said it plans to continue to hire in strategic areas and locations. Workday didn't cite artificial intelligence in its filing as a reason for the layoffs. Recent AI developments have, however, soured investors' outlook for many software compan...