Automation platform provider UiPath (NYSE:PATH) has delivered better-than-expected preliminary numbers for the third quarter.
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Revenue is expected at about $260 million and ARR is seen landing at ~$1.1 billion. Further, the company is trimming its headcount by 6%, and a significant chunk of the job losses are expected to happen by the end of 2023.
Consequently, UiPath expects to incur total restructuring expenses of $30 million. The company is slated to report Q3 numbers on December 1 and is expected to post a net loss per share of $0.04.
At the same time, PATH stock has corrected by nearly 74.5% over the past 52 weeks and short interest in the stock remains elevated at ~7.3% at present.
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