UiPath Inc (NYSE:PATH) shares climbed more than 11.5% in extended trading Thursday to its highest point in more than a year and a half after the company beat expectations on the top and bottom lines.
The automation software company posted adjusted earnings of $0.12 per share, above expectations of $0.07 per share. Annual recurring revenue (ARR) was $1.38 billion, up 24% year-over-year, and topping expectations of $1.36 billion.
That growth was driven by the team’s execution and "the transformational results we deliver,” Co-CEO Rob Enslin said in a statement.
“My conversations with customers and partners validate the strategic role enterprise automation plays in digital transformation and I am excited about the investments we continue to make in AI to further extend our market leadership.”
UiPath also upped its full-year ARR guidance to between $1.45 billion and $1.455 billion, up from its previous guidance of $1.432 billion to $1.437 billion.
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