11:07 AM EDT, 07/09/2024 (MT Newswires) -- UiPath ( PATH ) said Tuesday that it will reduce about 10% of its global workforce of around 4,200 as part of a restructuring plan to manage its operating expenses.

The company said it expects most of the reduction to occur by the end of fiscal Q1 2026.

UiPath ( PATH ) said it anticipates restructuring costs of between $17 million and $25 million, primarily for employee termination benefits and lease exit expenses.

Shares of the company were down more than 7% in recent trading.

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