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UiPath Inc.
UiPath Inc. shares rallied in the extended session Thursday after the “software robot” provider’s quarterly results and outlook topped Wall Street estimates.
UiPath
PATH,
shares surged nearly 9% after hours, following a 3.6% rise in the regular session to close at $12.92, well below its April 2021 IPO price of $56 a share. The stock price has fallen 70% year to date, while the S&P 500 index
SPX,
is down 14%.
The company reported a third-quarter loss of $57.7 million, or 10 cents a share, compared with a loss of $122.8 million, or 23 cents a share, in the year-ago period. The company did not provide an adjusted per-share figure.
Read: UiPath IPO: 5 things to know about the ‘software robots’ company valued at nearly $30 billion
Revenue rose to $262.7 million from $220.8 million in the year-ago quarter, while the annualized renewal run rate, or ARR, increased 36% to $1.11 billion from the year-ago period. ARR is a metric often used by software-as-a-service companies to show how much revenue the company can expect based on subscriptions.
Analysts had forecast a loss of 5 cents a share on revenue of $249.7 million and ARR of $1.1 billion.
UiPath forecast fourth-quarter revenue of $277 million to $279 million and ARR of $1.17 billion to $1.18 billion, while analysts had forecast revenue of $276.9 million and ARR around $1.16 billion.
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