UiPath (NYSE: PATH) shares tumbled 24% on Thursday morning after the software company disclosed a weak outlook for its fiscal first-quarter 2023. Furthermore, the company reported positive fourth-quarter earnings.
The global software company reported earnings of USD0.05 per share, compared to the expected USD0.03 a share. Revenue amounted to USD290 Million, higher than analysts anticipated USD283 Million.
“The UiPath team delivered a strong finish to fiscal year 2022 with fourth-quarter net new ARR reaching a record $107 million, an increase of 72 percent year-over-year. We believe this is a testament to our highly differentiated end-to-end platform,” said Daniel Dines, UiPath Co-Founder, and Chief Executive Officer. “Our customers understand that automation is at the forefront of digital transformation and fundamental to driving efficiency, employee satisfaction, and strengthening customer relationships, all necessary to successfully navigate today’s complex operating environment and establish a sustainable competitive advantage.”
The company anticipates its first-quarter revenue to total anywhere between USD223 Million and USD225 Million. Meanwhile, analysts had forecasted Q1 revenue of about USD236 Million, according to Refinitiv. Additionally, the company expects full fiscal year revenue to come in between USD1.075 Billion to USD1.085 Billion, though analysts anticipate USD1.13 Billion.
In a release, UiPath said that “in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.”
The post UiPath Shares Fall 24% Amid Weak Outlook first appeared on Financial Buzz .
For further details see:
UiPath Shares Fall 24% Amid Weak Outlook