| Highlights |
|---|
| UiPath experiences a remarkable 19% growth in revenue driven by surging demand for its AI software. |
| The company confidently raises its full-year revenue and operating profit expectations. |
| UiPath introduces a substantial $500 million share repurchase program set to run until March 2025. |
In a notable development, UiPath (PATH) saw an impressive 11% surge in its shares during early trading on Thursday.
The company attributed this success to the burgeoning demand for artificial intelligence (AI) products, which significantly bolstered its quarterly results.
UiPath, a prominent software manufacturer, disclosed a second-quarter fiscal 2024 loss of $0.11, marking a substantial improvement from the previous year.
Moreover, the company’s revenue skyrocketed by 19%, reaching an impressive $287.3 million.
Co-founder and co-CEO Daniel Dines expressed, “Harnessing the potential of AI is at the top of almost every executive’s agenda. Our automation platform enables customers to operationalize the promise of AI.”
Co-CEO Rob Enslin voiced his optimism regarding the second half of the year. He elaborated that the company’s momentum is steadily growing across all sectors.
He emphasized the increasing recognition among customers of the need for efficiency in the current operational environment and the long-term structural advantages of automation.
UiPath has revised its full-year sales projections, now anticipating figures to range between $1.273 billion and $1.278 billion. This marks an upward revision from the earlier guidance of $1.267 billion to $1.272 billion.
Additionally, the company foresees non-GAAP operating income to reach $188 million, surpassing the previous estimate of $168 million.
In a strategic move, UiPath has also unveiled a $500 million stock buyback program scheduled to remain active until March 1, 2025.
With these impressive gains, UiPath shares have risen by approximately 40% since the beginning of this year.
(Source: Barron’s)
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