Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

UiPath to lay off 10% of workforce in companywide restructuring

by admin July 10, 2024
July 10, 2024
UiPath to lay off 10% of workforce in companywide restructuring

UiPath, a developer of automation software, is cutting 10% of its workforce, or about 420 jobs, as part of a broader restructuring, the company said in filing with the SEC on Tuesday.

Most of the layoffs will be implemented by the end of the first quarter of fiscal 2026, the company said. That quarter ends next April.

UiPath shares dropped about 7% on Tuesday and have now lost more than half their value this year. The Nasdaq is up 23% over that stretch. UiPath has faced a dramatic slowing of revenue growth following its IPO in 2021, which was one of the largest U.S. software offerings on record.

While UiPath reported better-than-expected fiscal first-quarter earnings in May, the company lowered its revenue guidance for the full year, and said it now expects between $1.4 billion and $1.41 billion compared with previous guidance of $1.55 billion to $1.56 billion. Its current forecast would equal annual growth of about 7.5%, down from 24% the prior year.

UiPath makes software that automates repetitive tasks. The company announced in May that CEO Rob Enslin was resigning effective June 1, and would be succeeded by co-founder Daniel Dines, who had stepped down as co-CEO in January. That move drove the stock down 30%.

UiPath said Tuesday that it expects to incur $15 million to $20 million in costs related to the layoffs, and total restructuring costs between $17 million and $25 million. The company previously announced two rounds of job cuts in 2022.

“These changes reflect efforts to reshape the organization by streamlining the Company’s structure, particularly in operational and corporate functions, better prioritizing our go-to-market investments and focusing our research and development investments on artificial intelligence and driving innovation across our platform,” UiPath said in Tuesday’s statement.

— CNBC’s Rohan Goswami contributed to this report.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Etsy CEO says company is escaping ‘race to the bottom’ and getting back to its artisan roots
next post
Top 5 Canadian Uranium Stocks of 2024

Related Posts

Renewable energy demand could triple as electricity consumption...

July 25, 2024

Trump signs executive order to end collective bargaining...

March 29, 2025

U.S. online stores put up ‘out of stock’...

June 12, 2025

Tariffs would be ‘catastrophic’ for sales of tequila...

February 15, 2025

The 10 worst states to retire in the...

August 1, 2024

Shein and Temu see U.S. demand plunge as...

June 6, 2025

OpenAI is done with Shipmas and staring down...

December 21, 2024

It wasn’t the endless shrimp that pinched Red...

May 25, 2024

Tesla shares plunge 15%, steepest drop in five...

March 12, 2025

Advertisers boost spending at retailers such as Walmart...

May 25, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • FLASHBACK: Mamdani labeled Kirk a ‘far-right extremist’ who should be canceled from speaking in NYC

      September 18, 2025
    • Rand Paul clashes with top Democrat over CDC pushing vaccines on infants

      September 18, 2025
    • Obama calls Charlie Kirk’s death ‘horrific,’ blames Trump for fueling division

      September 18, 2025
    • Newsom says he kept in touch with Charlie Kirk since podcast, called him ‘gracious’

      September 18, 2025
    • Turning Point USA expands its merchandise collection with items commemorating Charlie Kirk

      September 18, 2025

    Categories

    • Business (1,107)
    • Investing (3,062)
    • Politics (3,737)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved