UiPath Inc. stock rose sharply in after-hours trading on Wednesday after the company’s fourth-quarter and full-year results and outlook beat Wall Street expectations. UiPath PATH, +1.95% shares rose nearly 15% after hours, after closing up nearly 2% at $14.64 in the regular session. The automation-software company had a “very strong fourth quarter, reflecting the progress we’ve made on our strategic initiatives and the strength of our AI-powered business automation platform,” Co-Chief Executive Rob Enslin said on the company’s conference call with analysts. ” . Enslin added that the company has “closed a record number of deals in excess of $1 million.” UiPath reported a net loss of $27.7 million, or 5 cents per share, in the fourth quarter, compared with $63.1 million, or 12 cents per share, in the year-ago period. Adjusted for stock-based compensation, restructuring and other costs, earnings were 15 cents per share. Revenue rose to $308.5 million from $289.7 million in the year-ago quarter. Annual renewal run rate increased 30% year over year to $1.2 billion. Software-as-a-service companies use ARR to indicate sales expectations based on subscriptions, and Enslin said the company now has 229 customers with $1 million or more in ARR, and 1,785 customers with $100,000 or more in ARR. Analysts surveyed by FactSet had forecast adjusted earnings of 7 cents per share on revenue of $278.6 million. For the full year, the company reported a net loss of $328.4 million, or 60 cents per share, on revenue of $1.06 billion. That compares to a net loss of $525.6 million, or $1.16 per share, in the prior year on revenue of $892.3 million. Adjusted earnings were 14 cents a share. Analysts had expected adjusted earnings of 6 cents per share on revenue of $1.029 billion. UiPath expects revenue of $270 million to $272 million in the first quarter, while analysts had forecast earnings of 1 cent per share on revenue of $269.6 million. For the full year, the company expects revenue of $1.253 billion to $1.258 billion, beating analysts’ expectations of $1.214 billion. Shares of UiPath are up 15% so far this year, while the S&P 500 index SPX, -0.70% has gained about 1% year to date.
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