UiPath (PATH) Shares Plummeted 7% After-Hours Despite Q2 Beat
UiPath Inc. (NYSE: PATH) shares dropped more than 7% after-hours, despite the company delivering better-than-expected Q2 results, with EPS of $0.01, beating the consensus estimate of ($0.05). Quarterly revenue grew 40% year-over-year to $195.5 million, versus the consensus estimate of $184.41 million. ARR increased 60% year-over-year to $726.5 million, with a record net new ARR of $73.9 million (growth of 33% year-over-year).
According to Daniel Dines, co-founder and CEO of the company, UiPath continued its very strong momentum in Q2, with results being driven by both new customer additions (currently 9,100 customers), as well as robust expansion with existing customers (dollar-based net retention rate of 144%).
The company provided its Q3 guidance, expecting revenue of $207-209 million and ARR of $796-$798 million. For the full 2022-year, the company estimates ARR to be between $876 million and $881 million.