Human resources and financial software provider Workday, Inc. (NASDAQ: WDAY )'s shares are down by more than 10% over the past year and by more than 3% year-to-date. Cramer discussed the firm on August 28th and commented on its CEO and new products. Like other SaaS firms, Workday, Inc. (NASDAQ:WDAY) has also struggled in the AI era due to worries about reduced demand. Cramer's comments addressed this context:

"Well, Aneel Bhusri is back, after a kind of a turmoil period. . .Aneel Bhusri had been, and I think one of the more sensational people in Silicon Valley. And, he sounded, I'm not gonna say almost joyous, he sounded joyous. He did. He has got some new products that are really doing well already, he's got a real handle on it. And once again, if you go back to what Marc Benioff was saying, about the so called SaaSpocalypse, was that just about design? Because this is another one that could have a really big earnings acceleration.

"Well, look, it's about product and if they sell the product well they're going to have acceleration. That was one of the things that I liked about the conference call. Aneel said, listen, these products are great and if people take them, we're gonna kill it. And that's how I felt."

Since Workday, Inc. (NASDAQ:WDAY) is an enterprise software products provider, the debate for the firm surrounds the sustainability of its business model. On this front, the firm demonstrated healthy financial performance in its fiscal second quarter report released on August 27th. For the period, Workday, Inc. (NASDAQ:WDAY) posted $2.65 billion in revenue, $2.5 billion in subscription revenue and $100 million in AI annual contract value (ACV). These three figures marked a 12.8% and 13.9% growth, with AI SKU ARR demonstrating a strong 200% annual growth. Additionally, Workday, Inc. (NASDAQ:WDAY) also outlined that more than 5,500 customers were using at least one AI agent for a healthy 35% sequential growth to demonstrate that the firm is experiencing strong AI-related tailwinds. On a broader basis, Workday, Inc. (NASDAQ:WDAY)'s subscription revenue guide for Q3 sat at 12% to $2.5 billion.

Yet, while these figures suggest strong product and AI momentum, the 12% subscription growth is below the high-growth expectations from a software company. Similarly, on another worrying note, Workday, Inc. (NASDAQ:WDAY) guided 11% subscription growth for its fiscal year 2028 to imply another slowdown. Among the broader factors that could generate headwinds for the firm include increased competition from firms such as SAP and a slowdown in business spending.