(Bloomberg) — Workday Inc. shares fell the most in eight months on news that Amazon.com Inc. stopped using its human resources software.
Amazon ended a deal to roll out the software, Business Insider reported Tuesday, sending shares down as much as 7.8%, the most intraday since Nov. 20. Workday confirmed the news in a statement, saying the decision was made 18 months ago because of the e-commerce company’s “unique set of needs.”
“Our relationship with Amazon remains strong with the Amazon Web Services partnership intact and other Amazon subsidiaries — such as Audible, Twitch, and Whole Foods — successfully using our system,” the Pleasanton, California-based software maker said in the statement.
The shares pared their loss after Workday’s statement, declining 5.9% to $224.51 at 2:21 p.m. in New York. The stock was little changed this year through Monday’s close.
More stories like this are available on bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2021 Bloomberg L.P.