Workday shares rose 5% after the finance and HR software maker beat earnings and revenue expectations for Q1. The company also raised its full-year margin forecast and reported strong adoption of its AI agents.
Workday's stock jumped 14% in extended trading after reporting stronger-than-expected Q1 earnings and revenue. The company also raised its full-year margin forecast, signaling confidence in its AI strategy and core business.
Software stocks tumbled Thursday as ServiceNow sank 17% (its worst day ever) and IBM dropped 9%, fueling concerns that AI tools from Anthropic and OpenAI will disrupt the cloud subscription model. Workday fell 10% and is down over 45% this year, while the iShares Expanded Tech-Software ETF fell 5% and is down 18% annually. Big tech giants Alphabet, Amazon, Meta, and Microsoft report Wednesday, with Apple following Thursday.
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