06:35 AM EST, 02/05/2025 (MT Newswires) -- Workday (WDAY) announced Wednesday that it is launching a restructuring plan that is expected to result in about 1,750 layoffs, representing 8.5 percent of the company's current workforce.

The company said it expects to continue hiring in key strategic areas and locations throughout its fiscal year ending Jan. 31, 2026.

Workday also expects to exit certain owned office space under the plan.

The company estimates that it will incur costs of about $230 million to $270 million in connection with the plan, and these actions are expected to be substantially complete by Q2 of fiscal 2026.