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 million, according to the presentation.
The company’s Chief Financial Officer Marie Myers left suddenly, at the same time as the job cuts.
UiPath declined to comment on specific items in the presentation. Chief Marketing Officer Bobby Patrick told Business Insider: “It’s improper on behalf of a former employee to share privileged financial data that is out of context.”
Patrick stressed that UiPath is a strong company that is on track to be profitable in 2020 and may go public in 2021: “You’re going to see a company that is still one of the fastest growing enterprise software companies in the industry, a company …read more
Source:: Businessinsider – Technology