UiPath Inc (NYSE:PATH) shares are trading lower in Tuesday’s after-hours session after the company reported financial results and issued weak guidance.
UiPath said fiscal second-quarter revenue increased 24% year-over-year to $242.2 million, which beat average analyst estimates of $230.81 million, according to Benzinga Pro. The company said annual recurring revenue climbed above $1 billion during the second quarter.
UiPath reported a second-quarter net loss of 2 cents per share, which beat average analyst estimates for a loss of 11 cents per share.
“To capitalize on the significant opportunity in front of us we are strategically repositioning the Company to elevate customer conversations, sell business outcomes, and help organizations realize the transformational benefits of automation. We firmly believe these changes will position us for both growth and profitability,” said Robert Enslin, co-CEO of UiPath.
UiPath expects fiscal third-quarter revenue to be between $243 million and $245 million versus the estimate of $269.6 million. The company sees full-year revenue in a range of $1.002 billion to $1.007 billion versus the estimate of $1.09 billion.
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PATH Price Action: UiPath is making new 52-week lows in Tuesday’s after-hours session.
The stock was down 15.33% in after hours at $13.20 at time of publication.
Photo: courtesy of UiPath.
