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  4. UiPath to Cut 5% of Global Workforce
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UiPath to Cut 5% of Global Workforce

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,...
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UiPath to Cut 5% of Global Workforce © Reuters. UiPath (PATH) to Cut 5% of Global Workforce

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.

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31-03-2024 10:19:50 (UTC+7)

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EUR/USD

1.0793

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 EUR/USD1.0793Sell
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 AUD/USD0.6522Sell
 USD/CAD1.3543Buy
 EUR/JPY163.37↑ Sell
 EUR/CHF0.9738↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
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 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
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Cập nhật 31-03-2024 10:19:52
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Cập nhật lúc 10:12:31 31/03/2024
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