{"id":29466,"date":"2024-07-10T04:38:07","date_gmt":"2024-07-10T09:38:07","guid":{"rendered":"https:\/\/ustower.net\/?p=29466"},"modified":"2024-07-25T21:33:01","modified_gmt":"2024-07-26T02:33:01","slug":"uipath-to-lay-off-10-of-workforce-in-companywide-restructuring","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=29466","title":{"rendered":"UiPath to lay off 10% of workforce in companywide restructuring"},"content":{"rendered":"\n<p class=\"has-medium-font-size\"><a href=\"https:\/\/www.cnbc.com\/quotes\/PATH\/\">UiPath<\/a>, 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&nbsp;<a href=\"https:\/\/ir.uipath.com\/financials\/sec-filings\/content\/0001734722-24-000044\/path-20240708.htm\">SEC\u2002<\/a>on Tuesday.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">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.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">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&nbsp;<a href=\"https:\/\/www.cnbc.com\/2021\/04\/21\/uipath-rises-17percent-in-nyse-debut-after-one-of-top-software-ipos-ever.html\">largest U.S. software offerings<\/a>&nbsp;on record.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">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.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">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&nbsp;<a href=\"https:\/\/www.cnbc.com\/2024\/05\/29\/uipath-shares-tank-30percent-after-company-announces-ceo-shakeup.html\">drove the stock down 30%<\/a>.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">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&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/06\/27\/uipath-to-cut-5percent-of-its-workforce-as-part-of-restructuring-plan.html\">job cuts<\/a>&nbsp;in 2022.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cThese changes reflect efforts to reshape the organization by streamlining the Company\u2019s 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,\u201d UiPath said in Tuesday\u2019s statement.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><a href=\"https:\/\/www.nbcnews.com\/business\/business-news\/uipath-lay-10-workforce-companywide-restructuring-rcna160993\">Nbcnews<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&nbsp;SEC\u2002on 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. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":29467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1155],"tags":[1564,29813,29574],"class_list":["post-29466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-layoffs","tag-reorganization","tag-uipath"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/29466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29466"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/29466\/revisions"}],"predecessor-version":[{"id":29468,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/29466\/revisions\/29468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/29467"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}