FMP
UiPath Shares Surge 24% Following Q3 Beat
Dec 1, 2023 4:58 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Shares of UiPath (NYSE:PATH) saw a significant rise of over 24% intra-day today following the announcement of their third-quarter earnings, which exceeded expectations. The company reported earnings per share (EPS) of $0.12, surpassing the Street forecast of $0.07. Additionally, UiPath experienced a 24% year-over-year increase in revenue, reaching $326 million and outperforming the expected $315.61 million.
Co-Chief Executive Officer Rob Enslin expressed satisfaction with these strong results, highlighting a 24% year-over-year growth in Annual Recurring Revenue (ARR), which now stands at $1.378 billion. He attributed this success to the effective execution by the UiPath team and the impactful outcomes they provide.
Looking ahead to the fourth quarter of 2024, UiPath anticipates revenues to be in the range of $381 million to $386 million, aligning closely with the market consensus estimate of $383 million.
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