UiPath Inc PATH shares are trading higher in the after-hours session Wednesday on the heels of the company's second-quarter earnings report.
What To Know: UiPath posted quarterly earnings of nine cents per share which beat the analyst consensus estimate of three cents, a 550% increase over losses of two cents per share from the same period last year.
The company reported quarterly sales of $287.00 million which beat the analyst consensus estimate of $282.14 million, an 18.49% increase over sales of $242.22 million in the same period last year.
The company also reported cash flow from operations reached $44 million and free cash flow reached $47 million and announced a $500 million stock repurchase program.
Third-quarter revenue is estimated to be between $313 million and $318 million, versus the $315.33 million estimate. Full-year 2024 revenue is anticipated to be between $1.273 billion and $1.278 billion, versus the $1.27 billion estimate.
"We delivered second quarter fiscal 2024 ARR growth of 25 percent while executing on our strategic initiatives and driving operational excellence across the company," said Rob Enslin, UiPath co-CEO.
"I am energized by the excitement around our continuous investments in AI which are driving business outcomes for our customers. Looking to the second half of the year, momentum is building across the business as customers recognize the need for efficiency in the current operating environment and the long-term structural advantages of automation."
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PATH Price Action: Shares of PATH were up 6.35% at $17.25 at the time of publication, according to Benzinga Pro.
Photo: Christopher Kuszajewski from Pixabay
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