Jul. 14 at 12:55 PM
Workday shares fell in premarket trading after IBM's preliminary second-quarter results missed expectations, fueling a broad selloff in enterprise software stocks. IBM reported
$17.2 billion in revenue with just 1% year-over-year growth, citing weaker demand in its Infrastructure and Software segments as customers shifted IT spending toward hardware such as servers, storage, and memory. The update raised concerns that enterprise software vendors like Workday could face slower spending as AI infrastructure investments absorb traditional software budgets.
Investor sentiment was further pressured by continued insider selling. Workday co-founder David Duffield sold roughly 107,500 Class A shares worth
$14.7 million on July 9 under a Rule 10b5-1 plan, while additional insider activity was disclosed in a July 13 SEC filing. Over the past three months, insiders have sold approximately
$141.6 million in stock with no reported purchases.
$WDAY $IBM $ERIC