Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

UiPath to Cut 5% of Global Workforce

Stock Markets Jun 27, 2022 16:16
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Sam Boughedda

In a Securities and Exchange Commission filing, software company UiPath (NYSE:PATH) said they have approved restructuring actions to manage operating expenses, which includes an overall reduction of approximately 5% of its global workforce of approximately 4,200.

Most of the layoffs are expected to occur by the end of its second fiscal quarter of 2023.

"This workforce reduction is aimed at simplifying our go-to-market approach starting with an alignment that we believe will result in better market segmentation, higher sales productivity, and best-in-class customer experience and outcomes," the company said in the filing.

UiPath said it estimates it will incur approximately $15 million in restructuring expenses, mainly related to severance and compensation packages.

UiPath has joined the list of companies laying off staff, with several companies such as Netflix (NASDAQ:NFLX), Microsoft (NASDAQ:MSFT), and PayPal (NASDAQ:PYPL) rolling out layoffs and hiring freezes.

UiPath shares are trading 1% lower in early Monday trading, adding to its 50% year-to-date loss.

UiPath to Cut 5% of Global Workforce
 

Related Articles

Dow Futures Slip as Major Indices Snap Rally
Dow Futures Slip as Major Indices Snap Rally By Investing.com - Aug 18, 2022

By Oliver Gray  Investing.com - U.S. stock futures traded lower during Wednesday's evening deals, after major benchmark indices snapped a 5-day rally with risk sentiment souring as...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email