Shares of automation-software company UiPath Inc (NYSE:PATH) jumped dramatically after posting fiscal fourth quarter results Wednesday night that surpassed analysts’ expectations.
The New York-based company reported revenue of $308.5 million in the quarter ended January 31, up from $289.7 million in the year-ago quarter and topping Street expectations of $278.6 million. Its net loss was $27.7 million, $0.05 per share, compared with a $63.1 million loss, $0.12 per share, a year earlier, and Street expectations of $0.07 per share.
UiPath stock surged more than 16% to $17.06 Thursday afternoon.
"We delivered a very strong close to fiscal year 2023,” Co-CEO Rob Enslin said in a statement. "We enter fiscal year 2024 with the rollout of our 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 on their employees, customers, and businesses."
To that point, UiPath expects first-quarter revenue of $270 million to $272 million, higher than analysts’ average forecast of $269.6 million. For full-year fiscal 2024, revenue is expected to be between $1.253 billion and $1.258 billion, also beating analysts' expectations of $1.214 billion.
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