PATH - UiPath Shares Plunge as Its CEO Resigns. Time to Buy the Dip?
2024-06-02 03:25:00 ET
Shares of UiPath (NYSE: PATH) crashed after the robotic process artificial intelligence (AI) automation software company saw its CEO resign following the company's issuance of disappointing guidance.
The string of bad news has some investors re-evaluating their investment thesis for this AI stock. Let's look at UiPath's most recent results, its change of leadership, and whether or not it's time to buy the stock.
For its first quarter, UiPath's revenue rose 16% year over year to $335 million, which was slightly ahead of analyst expectations. Its annualized renewal run rate (AAR) climbed 21% year over year to $1.51 billion and is a key indicator for UiPath.
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UiPath Shares Plunge as Its CEO Resigns. Time to Buy the Dip?