Workday cuts 400 jobs as software stocks tumble

Dado Ruvic/REUTERS

• Workday announced layoffs affecting about 2% of its workforce, mostly those in customer-service roles.
• The company said it's realigning resources while continuing to hire in strategic areas and locations.
• The cuts come as AI developments rattle software investors, with Workday shares down about 34% from a year ago.

Workday is laying off about 400 employees, citing a need to realign its resources to meet its top priorities.

In a securities filing Wednesday...