Workday (NASDAQ:WDAY) layoffs are on the way as the business software company reveals plans to cut 3% of its global workforce.
According to a statement from Workday, the layoffs are the result of a “challenging economic environment.” This has it joining several other tech companies that have laid off people alongside high inflation.
The current state of the economy hasn’t been kind to tech companies. That’s due to inflation weighing on consumers. As consumers spend less, advertisers also spend less money. That affects many tech companies that rely on ads for funds.
Workday makes sure to note that the current layoffs aren’t the result of overhiring. That makes it different from many other tech companies, which have reduced their headcounts following expansion during the pandemic.
The pandemic resulted in many tech companies requiring more workers as people made use of their services during lockdowns. That’s resulted in many dropping those extra employees. Workday says this isn’t the case and even notes it doesn’t plan for any more layoffs of a similar to size in the near future.
WDAY Stock Movement
WDAY stock isn’t seeing much activity today even after announcing its layoff plans. Only about 185,000 shares are on the move, as compared to its daily average trading volume of 2.2 million shares. Also, WDAY stock is only up slightly following the announcement.
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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.