Shares of Workday (WDAY) tumbled 11.20% in pre-market trading, as investors reacted negatively to the company's second-quarter revenue guidance that fell short of analyst expectations. The human capital management software provider's outlook has raised concerns about potential slowing growth amid economic uncertainty.

While Workday's first-quarter performance exceeded expectations with adjusted earnings per share of $2.23 against an analyst consensus of $2.01, and revenue of $2.24 billion slightly above the estimated $2.22 billion, it was the company's forward-looking statements that spooked investors. Workday projected second-quarter subscription revenue of $2.16 billion, which, although representing a 14% year-over-year increase, fell below the analyst estimates of $2.34 billion.

The disappointing guidance prompted several analysts to lower their price targets on Workday stock. JPMorgan cut its target to $295 from $310, while TD Cowen reduced its target to $310 from $320. Bernstein also lowered its price target to $325 from $348. Despite the reductions, many analysts maintained their overall positive ratings on the stock, highlighting the challenging macroeconomic environment as the primary concern rather than company-specific issues.