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UiPath Stock Gains 15% On Q3 Preliminary Revenues, Announces Further Job Cuts

Shares of UiPath Inc. (PATH) are gaining nearly 15% on Tuesday morning after the automation software company announced preliminary revenues for the third quarter and revealed further job cuts to restructure its business.

PATH is currently trading at $13.84, up $1.79 or 14.85%, on the NYSE. The stock opened its trading at $13.42 after closing Monday's trading at $12.05. The stock has traded between $10.40 and $56.11 in the past 52-week period.

The company, in an 8-K filing late Monday, said it expects third-quarter revenues of about $260 million. The company also anticipates recording annual recurring revenue of roughly $1.108 billion as of October 31. Analysts polled by Thomson Reuters currently estimate revenues of $245.34 million for the quarter.

The company plans to further reduce about 6% of its global workforce of around 4,025, with most of these reductions expected to occur by the end of fiscal year 2023.

UiPath said the workforce reduction will further support the company's "strategic positioning designed to increase execution velocity, operational efficiency, and customer centricity."

The company now expects total restructuring expenses of around $30 million, up from the $15 million estimate previously provided in the June.

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