Workday to cut 1,750 jobs as it shifts focus to artificial intelligence
Workday will lay off about 1,750 employees, or 8.5% of its workforce, to focus on artificial intelligence and adapt to economic conditions. The company expects to incur $230-$270 million in charges from this decision. The layoffs come as Workday faces pressure from reduced spending by enterprise clients due to high interest rates. The company plans to close some office spaces as part of its cost-cutting measures. Despite the layoffs, Workday's shares rose over 4% in premarket trading. The company anticipates its fourth-quarter and full-year financial results will meet or exceed previous forecasts.