UiPath Q4 Profit Beats Street, But Revenue Outlook Weak; Stock Tanks 22%

(RTTNews) - Shares of UiPath, Inc. (PATH) tanked over 22% in extended trading session on Wednesday after the enterprise software maker issued a weak revenue outlook for the first quarter and full year 2023.

Net loss for the fourth quarter was $63.1 million compared to net income of $26.3 million last year. On a per share basis, loss for the quarter was $0.12.

Adjusted earnings, which excludes one-time items, were $0.05 per share, compared with $0.09 per share in the year-ago period. Analysts polled by Thomson Reuters expected earnings of $0.03 per share for the quarter.

Revenues for the quarter rose to $289.7 million from $207.9 million last year. Analysts had a consensus revenue estimate of $283.57 million for the quarter.

Looking forward, the company expects revenues of $223 million to $225 million and $1.075 billion to $1.085 billion for the first quarter and full year 2023, respectively. Analysts currently estimate revenues of $243.14 million and $1.16 billion for the first quarter and full year 2023, respectively.

PATH closed Wednesday's trading at $29.04, down $2.36 or 7.52%, on the Nasdaq. The stock further slipped $6.59 or 22.69% in the after hours trading.