UiPath Plans Job Cuts: All You Need To Know

UiPath, Inc 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 second fiscal quarter 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.