UiPath Plans Job Cuts: All You Need To Know

UiPath, Inc (NYSE: PATH) approved restructuring actions to manage its operating expenses.
The measures will likely include an overall reduction of 5% of its global workforce of 4,200 as of April 30.
Most layoffs will likely occur by the end of the Q2 of 2023.
The company estimates it will incur approximately $15 million in restructuring expenses.
UiPath reiterated its earnings guidance set on June 1. UiPath sees Q2 revenue of $229 million – $231 million, below the consensus of $231.1 million; Non-GAAP operating loss of $(60) million – $(55) million.
UiPath sees FY23 revenue of $1.085 billion – $1.090 billion against the consensus of $1.09 billion; Non-GAAP operating income of $15 million (prior view $10 million – $15 million).
UiPath registered first-quarter revenue growth of 32% year-over-year to $245.1 million, beating the consensus of $225.26 million.
Adjusted EPS loss was $(0.03), above the consensus of $(0.05).
Multiple companies are going slow on their capex and cutting down on the workforce as the economic slowdown continues to weigh on their growth prospects.
Price Action: PATH shares are trading lower by 1.44% at $21.60 on the last check Monday.

See more from Benzinga

Etsy Shares Drop As Needham Downgrades Stock Citing Near-Term Risks
More Trouble For Semiconductor Industry's Revival as Japanese Chipmakers See Engineers Shortage

Don't miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.