Shares of Workday Inc. tumbled nearly 10% in premarket trading on Wednesday after the human resources and payroll software maker issued a weaker-than-expected revenue forecast, raising concerns about slowing demand.
The California-based company has already seen its stock decline by about 40% on Nasdaq so far this year as investors grow wary of increasing competition from artificial intelligence-driven tools.
Anthropic’s recent launches have fueled fears that automation could erode demand for traditional software platforms, causing a widespread sell-off across different sectors such as cybersecurity.
(This is an evolving story. Check for updates)
