UiPath stock popped nearly 10% Thursday as the AI software company was the latest to benefit from a booming sector.
The New York-based company reported second-quarter revenue of $287.3 million, up 19% year over year and ahead of expectations of $281.5 million.
Its loss came in at $60.36 million, $0.11 cents a share, compared to $120.4 million, $0.22 per share, in the year-ago quarter.
Artificial intelligence enthusiasm helped drive sales, according to Co-CEO Daniel Dines.
“Harnessing the potential of AI is at the top of almost every executive’s agenda,” Dines said in a statement released after the bell Wednesday. “Our automation platform enables customers to operationalize the promise of AI today with an integrated set of capabilities that combines our Specialized AI and governance with the creative power of Generative AI to unlock the almost limitless value this powerful combination creates.”
Doubling down on the optimism, UiPath also authorized a stock buyback of up to $500 million in shares.
For the third quarter, UiPath guided for revenue between $313 million and $318 million, and for the year, revenue between $1.27 billion and $1.28 billion. That compares to analyst expectations of $318.5 million for the third quarter (along with adjusted earnings of $0.07 per share) and $1.27 billion for the year (with earnings of $0.34 per share).
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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