Workday Stock Down 50%+ as AI Threat Compounds Weak Subscription Guidance — 'Least Loved Product' Exposed
EBC Financial Group·high signal
Workday fell another 9% on April 23 (ServiceNow earnings day), deepening a 45%+ YTD decline after issuing a soft fiscal 2027 subscription guide of just 12-13% growth. a16z called Workday 'arguably the most important and least loved product in enterprise software' — today's SaaStr analysis argues that distinction makes it vulnerable because high GRR on multi-year contracts is masking approaching AI-driven churn at the renewal table.