UiPath Inc. (NYSE:PATH) announced a 5% global workforce reduction or approximately 210 employees based on a total of around 4,200 employees as of April 30, 2022, with most of the reduction targeted to occur in Q2/23.

In total, the company expects to incur approximately $15 million in restructuring expenses by the end of 2023. As part of the announcement, guidance for Q2/23 was reiterated. The full 2023-year revenue/ARR was also reiterated, while 2023 operating income is now expected to be around $15 million from $10-15 million previously.

Following last quarter which answered some of the questions around large deal uncertainty and saw guidance move higher despite incremental FX pressure, analysts at RBC Capital mentioned they remain optimistic about the company’s long-term opportunity.