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UiPath Inc. shares fell in the extended session Tuesday even after the “software robots” provider surpassed Wall Street expectations in its first quarterly results as a public company.
UiPath
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shares fell 12% after hours, following a 2.9% gain in the regular session to close at $76.
The company reported a first-quarter loss of $239.7 million, or $1.11 a share, compared with a loss of $52.8 million, or 33 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 2 cents a share, versus a loss of 9 cents a share in the year-ago period.
Revenue rose to $186.2 million from $113.1 million in the year-ago quarter. The company’s annualized renewal run rate, or ARR, rose 64% to $652.6 million from a year ago. ARR is a metric often used by software-as-a-service companies to show how much revenue the company can expect based on subscriptions.
Analysts surveyed by FactSet had forecast a loss of 5 cents a share on revenue of $168.6 million and an ARR of $613.4 million.
Read: UiPath IPO: 5 things to know about the ‘software robots’ company valued at nearly $30 billion
UiPath forecast revenue of $180 million to $185 million and ARR of $702 million to $704 million for the second quarter, while analysts expect revenue of $177.3 million and ARR of $662.4 million.
For the year, UiPath forecast ARR between $850 million and $855 million, while analysts estimate $809.8 million.
UiPath’s stock made its debut on the New York Stock Exchange back in April. As of Tuesday’s close, shares are 36% above their IPO price of $56 a share.
