On July 15, Workday fell 5.36% in pre-market trading, trading at $140.05/share, with turnover of $285,800. The software sector continues to face broad selling pressure following IBM's preliminary Q2 results that significantly missed market expectations.

IBM disclosed preliminary Q2 revenue of $17.2 billion, well below the consensus estimate of $17.9 billion, sending its stock down over 25% in a record single-day decline. IBM management stated that in the final weeks of June, some clients shifted capital expenditures toward servers, storage, and memory — hardware infrastructure facing supply constraints — causing multiple large software contracts to fail to close as planned. The prior trading day, ServiceNow and Figma fell over 7%, Workday dropped over 6%, while Adobe and SAP each declined more than 4%, reflecting widespread sector selling.

Goldman Sachs noted the event may reinforce market concerns about sustained pressure on software and services names, while Barclays flagged that IBM's prior narrative about AI driving incremental value to the software stack is being tested by the reality of customer spending shifting toward hardware. The enterprise software sector has already seen cumulative declines exceeding 35% year-to-date amid persistent concerns that AI may disrupt traditional software business models.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)