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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

6 monthes ago   |   By Business Insider

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%.
But the AI startup was burning cash faster than expected and missed a key revenue target when it cut about 400 jobs, according to a board presentation reviewed by Business Insider.
UiPath's third quarter annual recurring revenue totaled $296 million, below its target of $343 million, according to the presentation.
In the third quarter, UiPath's "burn" - the amount of cash it used - was $96 million, well above its target of $57...
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