Workday is doing another round of layoffs
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Workday is letting go about 500 employees, marking its second round of layoffs this year. The cuts mainly target the company's product and technology team as it realigns for growth. The software-as-a-service company also lowered its fiscal Q3 outlook. Workday is conducting layoffs for the second time this year, this time affecting around 500 workers. It also trimmed its fiscal third-quarter earnings forecast. The software-as-a-service giant said in a securities filing Tuesday that it's cutting approximately 2.5% of its workforce, mainly within its product and technology team, to "better align team structures with Workday's strategic growth priorities." The company, which had over 21,000 employees at the end of January, said it plans to continue hiring in strategic areas and locations throughout fiscal 2027. Workday shares are down about 12% year to date. The company previously laid off about 400 employees in February, and about a week later, its then-CEO, Carl Eschenbach, left his post. He was succeeded by Workday cofounder and executive chair Aneel Bhusri, who had held the top job three times before. In both layoff announcements, Workday didn't cite AI as a catalyst, though the technology soured investors' appetite for the company and other enterprise software vendors earlier this year. That is when the so-called SaaSpocalypse erased hundreds of billions of dollars from...
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