Why is the market punishing Workday ($WDAY) so hard? Beat on earnings but still down 8%.

Am I the only one seeing a pattern here? Workday just dropped their Q4 2026 earnings and honestly, the numbers weren't even bad.
They beat EPS ($2.47 vs $2.32) and revenue was up 14.5% YoY. But the stock still tanked 8% after-hours and is down almost 40% YTD.
It feels like the "SaaSpocalypse" narrative is taking over. Investors seem terrified that AI agents are going to make seat-based software redundant. Even with Aneel Bhusri back as CEO and their new "Illuminate" AI platform, Wall Street just isn't buying the growth story for fiscal 2027.
Is this a massive overreaction or is the traditional SaaS model actually dying? I feel like at 25x forward earnings, it’s starting to look like a value play, but the momentum is just brutal.
What are you guys doing? Holding, buying the dip, or staying far away from enterprise software right now?