UiPath Plans Job Cuts: All You Need To Know

• UiPath, Inc (NYSE: 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.

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