This tech stock is up 15% in extended hours: explained here

Shares of UiPath Inc (NYSE: PATH) jumped about 15% in extended trading after the automation software company reported market-beat results for its fourth financial quarter.

UiPath stock gains on solid guidance

Investors are happy also because the company topped estimates in terms of future outlook. UiPath is now calling for $1.253 billion to $1.258 billion in revenue this year, including up to $272 million in its current quarter.

In comparison, experts had forecast $269.6 million for the quarter and $1.214 billion in revenue for the full year. According to CFO Ashim Gupta:

Our commitment to driving growth at scale, expanding operating margin, and generating positive non-GAAP adjusted free cash flow is reflected in our full year fiscal 2024 outlook.

Wall Street currently has a consensus “overweight” rating on the UiPath stock.

Notable figures in UiPath Q4 results

Lost $27.7 million versus the year-ago $63.1 million

Per-share loss also narrowed from 12 cents to 5 cents

Adjusted EPS printed at 15 cents as per the press release

Revenue climbed 6.5% year-over-year to $308.5 million

Consensus was 7 cents a share on $278.6 million revenue

Annualised renewal rate or “ARR” went up 30% to $1.2 billion. In the earnings press release, CEO Rob Enslin:

We enter fiscal 2024 with rollout of new go-to-market initiatives on schedule and building momentum as both customers and partners see the positive impact our business automation platform can have.

The tech company now has 299 customers in total with an ARR of $1.0 million or more. Year-to-date, UiPath stock is now up more than 35%.

The post This tech stock is up 15% in extended hours: explained here appeared first on Invezz.

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