UiPath Inc. (PATH) went down by 4.63% in the pre-market even though the company posted beat Q3 2022 earnings on December 08. As per the earnings report, PATH beat both its revenue and loss per share estimates.
In the previous trading session, the stock was up by $0.73 or 1.55% at a volume of 6.36 million shares. After closing the regular session at $47.71, the stock went down to $45.87 in the after-hours, following the announcement.
PATH and its Movement
The software platform provider for automating business processes, UiPath Inc. (PATH) was founded in 2005. Currently, the company has a market capitalization of $24.13 billion with its 431.08 million outstanding shares. Moreover, the stock has gained 10.26% in the past five days while it has lost 16.95% last month. In the past three months, PATH has subtracted a value of 12.30%.
On Wednesday, the stock was trading in green until the company announced its financial results. Even though PATH posted beat third-quarter financials, the investors remained uninterested. As a result, the stock entered the red in the after hours.
Q3 Fiscal 2022 Financials
According to the quarter ended October 31, 2021, the company generated a revenue of $220.8 million. This shows an increase of 50% year-over-year. Hence, PATH beat the consensus estimate of $208.3 million in revenue for the quarter.
Moreover, the ARR increased by 58% year-over-year, to $818,4 million in the third quarter of fiscal 2022. This compares to the estimated ARR of $797.9 million for the quarter.
Furthermore, the net loss for the third quarter of fiscal 2022, was $122.8 million or $0.23 per basic and diluted share. Hence, the company also beat the consensus estimate of net loss of $0.4 per basic and diluted share.
In addition, PATH ended the quarter with cash, cash equivalents, and marketable securities of $1.9 billion.
Fourth Quarter Outlook
For the fourth quarter of fiscal 2022, the company expects ARR between $901 million and $903 million. Further, the expected revenue for the quarter is between $281 million and $283 million.
PATH’s Recent Developments
On September 30, PATH announced being named Robotic Process Automation (RPA) Leader and Star Performer for the 5th consecutive year. The company was named such in the Technology Vendor Landscape according to Everest Group’s Robotic Process Automation Products PEAK Matrix® Assessment 2021.
