Workday to cut 8.5pc of its workforce

LONDON, Feb 05 (Reuters): Payroll processing company Workday said on Wednesday it will cut around 1,750 jobs, or 8.5 per cent of its current workforce, as it grapples with competition and an uncertain spending environment.

It expects to incur around $230 million to $270 million in charges connected to the cost reduction plan, of which, around $60 million to $70 million is expected to be recognized in the fourth quarter. The company also said it expects its fiscal fourth quarter and full-year financial results to be in-line with or above its prior forecast.