UiPath stock rallies as results, outlook surpass Wall Street consensus

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Shares of UiPath Inc. rose during the extended session on Wednesday after the “software robot” vendor reported a lower-than-expected loss and predicted a outlook just above the Wall Street consensus.

UiPath PATH,
shares rose 8% after hours, after a 1.4% drop in the regular session to close at $ 16.83, well below its IPO price. April 2021 of $ 56 per share. The stock price has fallen 79% in the last 12 months, while the S&P 500 SPX index,
has fallen by 2.4%.

The company posted a loss in the first quarter of $ 122.6 million, or 23 cents per share, compared to a loss of $ 239.7 million, or $ 1.11 per share, in the first quarter. ‘last year. The adjusted loss, which excludes share-based compensation items and other items, was 3 cents per share, compared to net income of 2 cents per share in the period last year.

Revenue rose to $ 245.1 million from $ 186.2 million in the quarter last year, while the annualized renewal rate, or ARR, rose 50% to $ 977.1 million. dollars over last year’s period. ARR is a metric that is often used by software companies as a service to show how much revenue the company can expect based on subscriptions.

Analysts polled by FactSet had forecast a loss of 6 cents per share on revenue of $ 225.3 million and ARR of $ 965 million.

Reads: UiPath IPO: 5 things to know about the company of “software robots” valued at nearly $ 30 billion

“We value in local currency and with more than 50 percent of our business conducted outside of North America, our results are subject to currency volatility,” Ashim Gupta, UiPath’s chief financial officer, said in a statement. . “As a result, our comprehensive guidance for fiscal year 2023, which we are proposing this afternoon, includes offsetting the wind against foreign exchange by the growing momentum of the business. Looking to the future, there is a significant opportunity to continue growing in scale while improving operational efficiency “.

UiPath projected revenue for the second quarter of $ 229 million to $ 231 million and an ARR of about $ 1.04 billion, and revenue of about $ 1.09 billion and an ARR of between $ 1.2 billion and $ 1,230. millions of dollars for the year.

Analysts had estimated revenue of $ 228.9 million and an ARR of $ 1.03 billion for the second quarter, and revenue of $ 1.08 billion and an ARR of $ 1.22 billion for the year.

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