The shares of UiPath Inc. they fell in the extended session on Tuesday, even as the provider of “software robots” exceeded Wall Street estimates and raised its outlook for the year.
UiPath PATH,
shares fell 6% after hours, after a 1.4% drop in the regular session to close at $ 62.46. After UiPath’s first earnings report as a public company about three months ago, shares fell the next day.
The company reported a second-quarter loss of $ 100 million, or 19 cents per share, compared to a net profit of $ 5 million in the previous year. Adjusted earnings, which exclude share-based compensation items and other items, were one cent per share, compared to 3 cents per share for the prior year period.
Revenue rose to $ 195.5 million from 139.4 million in the previous quarter. The company’s annual annual renewal rate, or ARR, rose 60% to $ 726.5 million from a year ago. ARR is a metric that software companies often use as a service to show the revenue the company can expect based on subscriptions.
Analysts surveyed by FactSet had forecast a 5-cent loss in revenue share of $ 184.3 million and an ARR of $ 703.8 million, based on UiPath’s projected revenue of $ 180 million to $ 185 million and the ARR from $ 702 million to $ 704 million for the second quarter.
Read: UiPath IPO: 5 things to know about the company of “software robots” valued at nearly $ 30 billion
UiPath forecasts revenue of $ 207 million to $ 209 million and ARR of $ 796 million to $ 798 million for the third quarter, while analysts expect revenue of $ 205.8 million and ARR of $ 776.8 million.
For the year, UiPath expects ARR to be between $ 876 million and $ 881 million, a figure higher than the previous forecast of $ 850 to $ 855 million. Analysts estimate $ 854.8 million.
UiPath shares debuted on the New York Stock Exchange in April. At the close on Tuesday, the shares are approximately 12% above their IPO of $ 56 per share.