Shares of UiPath Inc. (PATH) slipped over 7% in extended trading session Tuesday despite the robotic process automation solutions provider's second-quarter results beating Wall Street view.
The company reported second-quarter net loss of $100.0 million or $0.19 per share, compared to last year's profit of $5.0 million or break even per share.
On an adjusted basis, UiPath reported earnings of $0.01 per share, down from $0.03 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.05 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the second quarter rose 40% to $195.5 million from $139.4 million last year. Analysts had a consensus revenue estimate of $184.34 million for the quarter.
"We continued our very strong momentum in the second quarter of fiscal year 2022 with ARR growing 60 percent year-over-year to $726.5 million. Our results were driven by both new customer additions, ending the quarter with more than 9,100 customers, as well as robust expansion with existing customers, reflected in our best-in-class dollar-based net retention rate of 144 percent," said CEO Daniel Dines.
Looking forward the third quarter, UiPath expects annualized renewal run rate or ARR of $796 million and $798 million and revenues of $207 million and $209 million. Analysts currently estimate revenues of $206.17 million for the quarter.
For the full year 2022, UiPath expects ARR of $876 million and $881 million.
ARR is a metric used to predict the financial performance of SaaS company over the coming year based on past earnings data.
PATH closed Tuesday's trading at $62.46, down $0.91 or 1.44%, on the Nasdaq. The stock further slipped $4.71 or 7.54% in the after-hours trading.
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