Romanian-born UiPath beats expectations with increased revenues
Romanian-born and NYSE-listed enterprise automation and AI software company UiPath concluded the year 2023 with increased revenues and a loss of USD 90 million, reduced from a previous deficit of USD 330 million.
The company’s reported data led to an aftermarket rally, but the gains dissipated to just 1.4% as the earnings call went on, according to MarketWatch.
"We ended the fiscal year strongly, with a growth of 22% in the fourth quarter, year-over-year, at USD 1.464 billion, highlighting the significant results our business automation platform delivers to our customers," said Rob Enslin, CEO of UiPath, according to Economica.net.
"The combination of artificial intelligence and UiPath automation is a strategic game-changer for our clients, making any digital transformation easier and faster, while at the same time allowing clients to innovate, adapt more quickly, and grow," he added.
In the last quarter of the fiscal year under review, UiPath achieved its first quarterly net profit, amounting to USD 34 million.
"The team performed well in the fourth quarter, and I am particularly pleased with the significant year-over-year increase in operational margins, including our first quarter of GAAP profitability as a public company, and the record cash flow," said Ashim Gupta, CFO of UiPath.
UiPath’s revenue rose to USD 405 million from USD 309 million, while analysts were expecting USD 384 million. Annual recurring revenue was USD 1.464 billion, up 22%.
“Our platform is highly differentiated, and customers are making meaningful commitments to UiPath,” chief financial officer Ashim Gupta said on the earnings call. The company’s offering lets customers “take action” around artificial intelligence, he added, and UiPath plans to invest more in generative AI.
(Photo source: UiPath on Facebook)
