By Wallace Witkowski
UiPath Inc. shares fell in the extended session Wednesday even as the “software robots” provider’s quarterly results topped Wall Street expectations.
UiPath /zigman2/quotes/226284328/composite PATH -0.70% shares fell nearly 4% after hours, following a 1.6% rise in the regular session to close at $47.71, or 15% below their April IPO price of $56 a share .
The company reported a third-quarter loss of $122.8 million, or 23 cents a share, compared with a loss of $70.8 million, or 41 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were break-even a share, compared with a loss of 4 cents a share in the year-ago period.
Revenue rose to $220.8 million from $147.3 million in the year-ago quarter. The company’s annualized renewal run rate, or ARR, rose 58% to $818.4 million from a year ago. ARR is a metric often used by software-as-a-service companies to show how much revenue the company can expect based on subscriptions.
Analysts surveyed by FactSet had forecast a loss of 4 cents a share on revenue of $208.3 million and an ARR of $797.9 million, based on UiPath’s forecast revenue of $207 million to $209 million and ARR of $796 million to $798 million for the third quarter.
UiPath forecast revenue of $281 million to $283 million and ARR of $901 million to $903 million for the fourth quarter, while analysts expect revenue of $281.5 million and ARR of $880.3 million.