Sursa foto: Facebook/UiPath
UiPath shares fell on the Wall Street stock exchange even as the first Romanian unicorn beat Wall Street analysts’ expectations with its quarterly results and improved its forecast for this year, MarketWatch reports, as reported by Agerpres.
After Tuesday’s New York Stock Exchange close, shares fell 6% after a 1.4% decline during the session, when they closed at $62.46.
The company reported losses of $100 million in the second quarter of 2021, or $0.19 per share, compared with a net gain of $5 million in the same period of 2020.
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Revenue climbed to $195.5 million from $139.4 million.
The annualized customer renewal rate (ARR), a metric companies use to show what level of revenue they can expect based on subscriptions, climbed 60% to $726.5 million.
Analysts were expecting second-quarter losses of $0.05 per share, revenue of $184.3 million and ARR of $703.8 million.
For the third quarter, UiPath forecasts revenue of $207 million to $209 million and ARR of $796 million to $798 million, with analysts forecasting revenue of $205.8 million and ARR of $776.8 million.
For this year, UiPath expects ARR between $876 million and $881 million, up from the previous forecast of $850 million – $855 million, while analysts estimate $854.8 million.
UiPath debuted in April on the Wall Street Stock Exchange. By Tuesday, shares were 12% above the $56 per share price of its IPO launch.
UiPath shares are traded on the New York Stock Exchange (NYSE) under the symbol “PATH.”
UiPath, a company whose shareholders include Accel, Coatue, Dragoneer, IVP and Sequoia, uses artificial intelligence and digital tools to help large companies and government agencies automate their routine processes in areas such as accounting and human resources.
Founded in Romania in 2005 as DeskOver and renamed UiPath in 2015, the company’s clients include entities such as the CIA, the US Navy, McDonald’s Corp, Duracell and Swiss Re. For the fiscal year ended Jan. 31, 2021, UiPath posted a loss of $92.40 million, lower than the previous year’s loss of $519.90 million. Revenue climbed to $607.60 million from $336.2 million.
UiPath is now looking to expand after several companies became interested in automating their processes to cut costs during the pandemic. CEO Daniel Dines said recently that UiPath’s current customers in the retail, healthcare and finance sectors are using the company’s services to cope with a significant shift in demand caused by the coronavirus pandemic.
In 2018, UiPath became the first startup founded in Romania to achieve unicorn status, meaning it was valued at over $1 billion. Meanwhile, the company has moved its headquarters to the US.