By Wallace Witkowski
UiPath Inc. shares fell in the extended session Tuesday even as the "software robots" provider topped Wall Street estimates and raised its outlook for the year.
UiPath (PATH) shares dropped 6% after hours, following a 1.4% decline in the regular session to close at $62.46. Following UiPath's first earnings report as a public company about three months ago, shares fell the next day.
The company reported a second-quarter loss of $100 million, or 19 cents a share, versus net income of $5 million in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were a penny a share, compared with 3 cents a share in the year-ago period.
Revenue rose to $195.5 million from $139.4 million in the year-ago quarter. The company's annualized renewal run rate, or ARR, rose 60% to $726.5 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 $184.3 million and an ARR of $703.8 million, based on UiPath's forecast revenue of $180 million to $185 million and ARR of $702 million to $704 million for the second quarter.
Read: UiPath IPO: 5 things to know about the 'software robots' company valued at nearly $30 billion
UiPath forecast revenue of $207 million to $209 million and ARR of $796 million to $798 million for the third quarter, while analysts expect revenue of $205.8 million and ARR of $776.8 million.
For the year, UiPath expects ARR between $876 million and $881 million, up from a previous forecast of $850 million to $855 million. Analysts estimate $854.8 million.
UiPath's stock made its debut on the New York Stock Exchange back in April. As of Tuesday's close, shares are about 12% above their IPO price of $56 a share.
(END) Dow Jones Newswires
September 08, 2021 08:15 ET (12:15 GMT)
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