• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick UiPath to lay off 10% of workforce in companywide restructuring
Editor's Pick

UiPath to lay off 10% of workforce in companywide restructuring

by July 10, 2024
by July 10, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt
  • CNN CEO Chris Licht apologizes to staff during internal Monday morning call
  • Walmart managers can now earn $400,000 a year, no college required, thanks to stock grants
  • Red Lobster closing at least 99 locations as its future comes into question
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Barcelona protesters throw items and spray travelers with water while shouting ‘tourists go home’
next post
Top House lawmakers demand federal probe into US nonprofit linked to Hamas operative

You may also like

See how the prices have changed for popular grocery items

August 11, 2023

How UnitedHealthcare became the face of America’s health insurance frustrations

May 22, 2025

Hooters to close ‘underperforming’ restaurants amid broader industry woes

June 26, 2024

Mortgage demand shrinks as interest rates hit the highest level...

September 29, 2023

Lordstown Motors files for bankruptcy, sues Foxconn

June 29, 2023

Treasury Dept. will not enforce ownership information reporting for millions...

March 4, 2025

What the Ticketmaster-Live Nation lawsuit could mean for fans of...

May 25, 2024

Wells Fargo will pay $1 billion to settle accusations of...

May 18, 2023

Delta says the Olympics will cost it $100 million as...

July 13, 2024

Google CEO Pichai struggled to navigate a pressure-filled year

December 30, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Recent Posts

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past...

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Disclaimer: RoundTableThoughts.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 © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Home buyers to be spared broker...

    March 17, 2024

    Babies R Us is back: Here’s...

    August 2, 2024

    Google’s second antitrust trial could help...

    September 6, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here