Earnings Results: UiPath stock pops as results top Street view

UiPath Inc. shares rallied in the extended session Thursday after the “software robot” provider’s quarterly results and outlook topped Wall Street estimates.

UiPath  PATH, +3.61% shares surged nearly 9% after hours, following a 3.6% rise in the regular session to close at $12.92, well below its April 2021 IPO price of $56 a share. The stock price has fallen 70% year to date, while the S&P 500 index  SPX, -0.09% is down 14%.

The company reported a third-quarter loss of $57.7 million, or 10 cents a share, compared with a loss of $122.8 million, or 23 cents a share, in the year-ago period. The company did not provide an adjusted per-share figure.

Read: UiPath IPO: 5 things to know about the ‘software robots’ company valued at nearly $30 billion

Revenue rose to $262.7 million from $220.8 million in the year-ago quarter, while the annualized renewal run rate, or ARR, increased 36% to $1.11 billion from the year-ago period. ARR is a metric often used by software-as-a-service companies to show how much revenue the company can expect based on subscriptions.

Analysts had forecast a loss of 5 cents a share on revenue of $249.7 million and ARR of $1.1 billion.

UiPath forecast fourth-quarter revenue of $277 million to $279 million and ARR of $1.17 billion to $1.18 billion, while analysts had forecast revenue of $276.9 million and ARR around $1.16 billion.