American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

UiPath to lay off 10% of workforce in companywide restructuring

by admin July 11, 2024
July 11, 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
Update on “Expressions of Interest” RFI Process

Related Posts

Analyst sees HDFC Bank shares racing 18%: here’s...

December 23, 2024

Williams-Sonoma stock analysis: sky is the limit for...

November 21, 2024

White House details safeguards for TikTok sale; Oracle...

September 22, 2025

Nestle to launch frozen pizzas, other foods targeting...

May 23, 2024

Getty Images stock price has crashed: will it...

March 16, 2025

Europe markets open: Stoxx 600 jumps 0.6%, led...

October 2, 2025

XRP wallets holding 1M+ tokens hit 2,850 as...

June 27, 2025

XRP price falls as Trump’s tariffs shake cryptocurrency...

February 10, 2025

Hang Seng Index analysis: bullish forecast amid China...

September 15, 2025

Biden administration sues to block Kroger-Albertsons supermarket merger

February 27, 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.

    Latest News

    • Bulgaria plans for continuous oil supply for Lukoil-owned refinery after US sanctions

      October 26, 2025
    • Apple Q4 earnings preview: here’s what to expect

      October 26, 2025
    • France’s offshore wind ambitions stalled by political turmoil

      October 26, 2025
    • Europe bulletin: Zelensky calls for more weapons, Russia warns against EU sanctions

      October 26, 2025
    • US digest: Jeffries endorses Mamdani, Ford’s stock surge, US sanctions Colombian president

      October 26, 2025

    Categories

    • Business (4,373)
    • Investing (3,014)
    • Latest News (2,103)
    • Politics (1,541)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.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 americaninvesthub.com | All Rights Reserved