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UiPath Inc. (NYSE:PATH) shares fell nearly 7% on Tuesday after the company revealed plans to reduce its global workforce by approximately 10%. Approved by the B

UiPath to Cut 10% of Global Workforce in Restructuring Move, Shares down 7%

- (Last modified: Jul 10, 2024 2:55 AM)

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UiPath Inc. (NYSE:PATH) shares fell nearly 7% on Tuesday after the company revealed plans to reduce its global workforce by approximately 10%. Approved by the Board on Monday, this workforce reduction is part of a broader restructuring strategy aimed at enhancing operational efficiency and customer focus.

UiPath, which employs about 4,200 individuals globally, intends to implement most of these job cuts by the end of Q1/26. The company expects to incur costs between $15 million and $20 million for employee termination benefits and an additional $2 million to $5 million for lease exit and other contractual obligations. Overall, the total anticipated restructuring costs are projected to be between $17 million and $25 million, with the majority expected to be cash expenditures incurred by Q1/26.

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