- 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.
