UIPath opened in 2015 offices in the world’s biggest cities, such as London, New York City, Paris, Singapore, Tokyo, and Washington D.C. In April 2020, UIPath was declared the top tech company by the Financial Times FT1000 in their ranking of America’s fastest-growing companies in 2020.
The company claimed on Tuesday, in a SEC filing, that the measure was decided to improve the future driving operations efficiency and to focus more on customers needs. It also said that the layoffs should help the company center on its research and development investments in the artificial intelligence domain.
Most of these layoffs are going to be implemented by the end of the first quarter of fiscal 2026. These layoffs will allegedly cost the company an amount of $15 to $20 million and the overall restructuration will cost between $17 and $25 million. This is not the first time UIPath has announced job cuts, as in 2022 claimed that 2 rounds of layoffs are expected.
UIPath gains have confronted a concerning slowing since its 2021 IPO, which was one of the largest US software offerings ever recorded. The company also lost about 7% of shares this Tuesday, and it appears that it has lost more than half of its value this year. Its current predictions say the company's income will grow by 7,5% this year, compared to last year's 24% rise in profit.
The company stated in a press release on 29th May of this year, that Rob Wesling will step back from the CEO position, which he has maintained for 2 years, on June 1. After this date, the UIPath founder, Daniel Dines, will take back this position. He claimed: ”With this change, I’m excited to step back into the CEO role and I am looking forward to leading the company through our next phase of profitable growth and innovation.” This decision drove the stock down by 30%.
During its 2021 IPO, with esteemed the company at $36 billion, it was claimed that UIPath’s innovative technology was first used in back-office work, but later added to its front-office zones for its bots.
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