UiPath Lays Off 400 Employees in Restructuring Move 🤖😔@StartupERA_IN

UiPath, a developer of automation software, is cutting 10% of its workforce, or about 420 jobs, as part of a broader restructuring effort, according to an SEC filing. Most layoffs will occur by the end of the first quarter of fiscal 2026, ending next April.

This announcement led to a 7% drop in UiPath's stock, which has lost over half its value this year. Despite reporting better-than-expected earnings in May, UiPath lowered its revenue guidance for the full year, projecting 7.5% growth, down from 24% the previous year.

The company also announced $15 million to $20 million in layoff-related costs and total restructuring costs of $17 million to $25 million. This follows previous job cuts in 2022 and the recent CEO change from Rob Enslin to co-founder Daniel Dines.

NEWS Source:- https://www.cnbc.com/2024/07/09/uipath-layoffs-company-to-cut-10percent-of-workforce.html
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Company Profile:-

Founded:- 2005
Industry: Artificial Intelligence (AI), Business Process Automation (BPA), Developer Tools, Enterprise Software, InsurTech, Machine Learning, Robotic Process Automation (RPA), Robotics
Location:- New York, New York, United States
Total Funding:- NA
Company Stage:- NA
Founders:- Daniel Dines, Marius Tirca
Website:- www.uipath.com
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