Workday, NetApp join chorus of tech layoffs

Yahoo Finance Live anchors discuss reports that Workday and NetApp will make job cuts.

Video transcript

[AUDIO LOGO]

BRIAN SOZZI: [LAUGHS] All right, more job cuts are coming. Workday and NetApp are the latest companies to announce workforce reductions, with Workday slashing 3% of jobs and NetApp laying off 8%. And I love what Paul Meeks said earlier when we asked him about some of these layoffs.

These executives just need to do a better job. Unclear to me each of these companies have chief economists on staff. But if they don't, I encourage them to take the money from-- that they're saving by laying off all these people and go hire a few because they could do a better job.

JULIE HYMAN: What I find fascinating about the Workday announcement it says, this was not the result of overhiring. Well, like--

BRIAN SOZZI: Of course, it was.

JULIE HYMAN: --sort of by definition it was the result of overhiring, wasn't it?

BRIAN SOZZI: Yes.

JULIE HYMAN: And they said they don't plan to do any more layoffs. So they're just trying to sort of make a distinction between them and other companies to say they weren't mismanage--

[CLOCK TICKING]

BRIAN SOZZI: It's taken two CEOs now to make that decision. So interesting to see Workday making that happen.

BRAD SMITH: I mean, but it also speaks to the demand pipeline that has been pulled so dramatically forward and now is impacting their ability to just operate on a similar basis, as the time when they had more of a rosy environment for people demanding or switching over to a Workday product, as well at the end.

BRIAN SOZZI: Like Six Flags, I'll apply it to Workday, just make better software.

JULIE HYMAN: Better software, better roller coasters.

[BUZZER]