Hot AI startup UiPath's job cuts were triggered after it burned cash faster than expected and missed its revenue target, according to an internal document
This story requires our BI Prime membership. To read the full article,UiPath just ranked number one on Deloitte's list of the 500 fastest growing tech companies in North America with an annual revenue growth rate of more than 37,000%.
Patrick stressed that UiPath is a strong company that is on track to be profitable in 2020 and may go public in 2021: The plan was discussed by the company's board in mid-October, shortly before UiPath let go of about 400 employees and announced the sudden departure of its well-regarded Chief Financial Officer Marie Myers. Deloitte's 2019 list of the fastest growing tech companies
from the $200 million level it notched at the start of the year, as Business Insider previously reported. But he stressed that portraying UiPath as a startup with weakening financials would be inaccurate: "I think it's important to take into context how well this company is doing. Of course, we have to optimize too. It's part of growing a fast-growth business. We're a work in progress and we made mistakes along the way. The reality is this company is doing really well."
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