UiPath stock drops even as first public results top Street view

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EARNINGS RESULTS

© NYSE UiPath executives celebrate outside the NYSE on April 21 following its IPO.

UiPath Inc. shares fell in the extended session Tuesday even after the “software robots” provider surpassed Wall Street expectations in its first quarterly results as a public company.

CONSTELLATION BRANDS, INC.

UiPath shares fell 12% after hours, following a 2.9% gain in the regular session to close at $76.

The company reported a first-quarter loss of $239.7 million, or $1.11 a share, compared with a loss of $52.8 million, or 33 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 2 cents a share, versus a loss of 9 cents a share in the year-ago period.

Revenue rose to $186.2 million from $113.1 million in the year-ago quarter. The company’s annualized renewal run rate, or ARR, rose 64% to $652.6 million from a year ago. 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 surveyed by FactSet had forecast a loss of 5 cents a share on revenue of $168.6 million and an ARR of $613.4 million.

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

UiPath forecast revenue of $180 million to $185 million and ARR of $702 million to $704 million for the second quarter, while analysts expect revenue of $177.3 million and ARR of $662.4 million.

For the year, UiPath forecast ARR between $850 million and $855 million, while analysts estimate $809.8 million.

UiPath’s stock made its debut on the New York Stock Exchange back in April. As of Tuesday’s close, shares are 36% above their IPO price of $56 a share.