Here's Why UiPath Stock Skyrocketed Today
Shares of automation software company UiPath (NYSE: PATH) skyrocketed on Thursday after the company reported financial results for the fourth quarter of its fiscal 2023. As of 9:45 a.m. ET, UiPath stock was up about 19% and is now up about 37% for the year.
In Q4, UiPath significantly outpaced guidance from management. Management guided for revenue of up to $279 million, annual recurring revenue (ARR) of up to $1.176 billion, and adjusted operating income of $35 million. It beat guidance on all three counts with revenue of almost $309 million, ARR of $1.204 billion, and adjusted operating income of over $69 million.
Underpinning UiPath's better-than-expected growth was a record number of million-dollar deals in Q4. The company now has 229 customers spending more than $1 million annually, up 45% year over year. Moreover, it added almost $94 million in net new ARR during Q4, which was up more than 8% just from last quarter.
Source Fool.com
