Workday (NASDAQ:WDAY) stock isn’t doing so hot on Tuesday following an update on its deal with Amazon (NASDAQ:AMZN).
A new report from Business Insider reveals that Workday and Amazon nixed plans to completely switch over to the former’s human-resources software across its e-commerce platform. A Workday spokesperson revealed as much when asked about the deal by the publication.
The agreement between Workday and Amazon was announced back in 2017 but was scrapped about a year ago. So what happened? It turns out there were troubles in scaling up Workday’s software to the size that Amazon needed.
While it’s true that this plan fell through, Workday notes that it isn’t the end of its relationship with Amazon. The two companies are still working together. That includes streaming service Twitch making use of the company’s software. Other teams at Amazon are also still using the software.
It’s no surprise that WDAY stock is falling following this news. The Amazon deal was a major one and the fact that it fell apart has to be disappointing investors. Especially since they had to find out about it via a news report instead of from the company itself.
WDAY stock is seeing heavy trading following today’s news. That’s resulted in some 2.5 million shares of WDAY stock changing hands as of this writing. For perspective, the company’s daily average trading volume is roughly 1.5 million shares.
WDAY stock was down 6.6% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
