UiPath, the robotic process automation startup that came public April 21st, this afternoon reported fiscal Q2 revenue that topped Wall Street's expectations, and a surprise profit per share were analysts expected a loss, and raised its forecast for its recurring revenue this fiscal year.
Despite the upbeat report, UiPath shares dropped almost 8% in late trading.
CEO and co-founder Daniel Dines remarked that the company "continued our very strong momentum in the second quarter of fiscal year 2022."
Added Dine, "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."
"The opportunity to unlock human potential is vast and we are in the very early stages of the automation market.
"We believe we have a long-term opportunity to drive durable growth and build a company that will transform how organizations compete, employees experience work, and companies interact with their customers."
CFO Ashim Gupta said the company "continue to drive meaningful growth at scale."
Added Gupta, "Our land and expand go-to-market model delivered record net new ARR, a testament to our competitive differentiation and the power of our platform to drive meaningful return on investment for our customers.
"Looking ahead, our priority is to continue to drive growth while exercising operational rigor, which will allow us to maintain our clear leadership position in this large and growing market."
Revenue in the three months ended in July rose 40%, year over year, to $195.5 million, yielding a net profit of a penny per share.
Analysts had been modeling $184.3 million and a net loss of 5 cents per share.
UiPath said its annualized recurring revenue, or ARR, rose 60% to $726.5 million, topping the average Wall Street estimate for $703.8 million.
Also: UiPath, robotic process automation startup, tops expectations in first quarterly report
For the current quarter, the company sees revenue of $207 million to $209 million. That compares to consensus for $205.8 million.
For the full year, the company sees annualized recurring revenue in a range of $876 million to $881 million. That compares to the company's prior forecast of $850 million to $855 million. That compares to consensus of $854.8 million.
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