Shares of UiPath Inc (NYSE: PATH) jumped about 15% in extended trading after the automation software company reported market-beat results for its fourth financial quarter.
Investors are happy also because the company topped estimates in terms of future outlook. UiPath is now calling for $1.253 billion to $1.258 billion in revenue this year, including up to $272 million in its current quarter.
In comparison, experts had forecast $269.6 million for the quarter and $1.214 billion in revenue for the full year. According to CFO Ashim Gupta:
Our commitment to driving growth at scale, expanding operating margin, and generating positive non-GAAP adjusted free cash flow is reflected in our full year fiscal 2024 outlook.
Wall Street currently has a consensus “overweight” rating on the UiPath stock.
Annualised renewal rate or “ARR” went up 30% to $1.2 billion. In the earnings press release, CEO Rob Enslin:
We enter fiscal 2024 with rollout of new go-to-market initiatives on schedule and building momentum as both customers and partners see the positive impact our business automation platform can have.
The tech company now has 299 customers in total with an ARR of $1.0 million or more. Year-to-date, UiPath stock is now up more than 35%.
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