UiPath Down 9% After Reporting Q1 Results

(RTTNews) - Shares of UiPath Inc. (PATH) slipped over 9% in the extended session Tuesday after the company reported its first quarterly results as a public company.

The company reported a first-quarter loss of $239.7 million or $1.11 per share, wider than last year's loss of $52.8 million, or $0.33 per share. Adjusted earning for the quarter was $0.02 per share, compared to a loss of $0.09 per share in the year-ago period.

Revenue rose to $186.2 million from $113.1 million in the year-ago quarter. The company's annualized renewal run rate, or ARR, rose 64% to $652.6 million from a year ago.

"We had an exceptionally strong start to fiscal year 2022 with first quarter ARR growing 64 percent year-over-year to $653 million, a testament to our leadership position in enterprise software automation," commented Daniel Dines, UiPath Co-Founder and Chief Executive Officer.

Looking forward to the second quarter, UiPath forecast revenue of $180 million to $185 million and ARR of $702 million to $704 million. For the year, UiPath forecast ARR between $850 million and $855 million.

UiPath raised nearly $1.3 billion in its initial public offering in April.

PATH closed Tuesday's trading at $76.00, up $2.12 or 2.87%, on the NASDAQ. The stock, however, slipped $6.85 or 9.01%, in the after-hours trading.