UiPath drops almost 10% on NYSE after first earnings report since IPO

The shares of Romanian-born robotic processing automation (RPA) company UiPath (NYSE: PATH) closed the trading session on Wednesday 9.6% lower than on the previous day after the company’s first quarterly earnings report since its April listing, according to Romania-Insider.com.

UiPath posted a net loss of USD 239.6 mln for the first quarter of 2021, 4.5 times higher than in the same quarter of last year. However, UiPath reported a 65% increase in revenues to USD 186 mln.

The company’s business performance, measured with the annualized renewal run-rate (ARR) indicator, also improved by 64% to USD 652.6 mln.

“We have experienced rapid growth and now have over 8,500 customers worldwide, including 1,105 customers with ARR of USD 100,000 or greater and 104 customers with ARR of USD 1 million or greater,” said UiPath’s CFO Ashim Gupta.

For the whole year, UiPath expects an ARR in the range of USD 850-855 mln.

Despite the strong revenue growth, UiPath’s shares tumbled under USD 70 and are now trading 23% under the all-time high price of USD 90, but still 22% above the IPO price of USD 56.

Read more HERE

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