Workday Stock Drops Amid Earnings Beat and Lower Revenue Forecast
Workday Inc. shares experienced their largest drop in over eight years after the company reduced its full-year subscription revenue forecast, citing increased sales scrutiny and cautious customer orders. The stock fell 15% following the announcement, with the company now expecting subscription sales to reach up to $7.73 billion, down from a previous estimate of $7.78 billion. Despite a 19% increase in first-quarter subscription sales, the revised outlook disappointed investors.