Shares of UiPath rose more than 11% yesterday after the company reported preliminary third-quarter financial results that exceeded its guidance. UiPath estimates that it generated about $260 million in revenue during its fiscal third quarter ended Oct. 31. That’s higher than the $243 million to $245 million the company had projected in September. UiPath’s preliminary results also topped the FactSet consensus estimate, which forecast revenues of $246.3 million.
UiPath’s annualized recurring revenue reached $1.108 billion in the 12 months through Oct. 31. Analysts polled for the FactSet consensus estimate projected $1.093 billion. In its regulatory filing, UiPath also posted a preliminary adjusted operating income of $15 million for the third quarter. In September, the company projected an operating loss of $25 million to $30 million.
UiPath will report its third quarter earnings on Dec. 1. In its September earnings guidance, UiPath stated that it expects to end the 2022 fiscal year with an approximately just $15 million net loss, much better than previous years.
