UiPath (NYSE:PATH) stock is falling hard on Wednesday following the release of its most recent earnings report.
UiPath released its earnings report for the second quarter of fiscal 2022 after markets closed yesterday. That saw the stock take a beating after-hours and the negative momentum is continuing into trading today.
Let’s take a look at the most recent UiPath earnings report to see what all the hubbub is about.
- UiPath reported adjusted earnings per share of one cent for its second quarter of fiscal 2022.
- That’s better than Wall Street’s adjusted losses per share estimate of 5 cents for the quarter.
- However, it was down from the company’s adjusted EPS of 3 cents from the same time last year.
- Revenue for the quarter came in at $195.52 million.
- This is above analysts’ estimates of $184.3 million for the period.
- It’s also a nice boost over the company’s revenue of $139.38 million from the same period of the year prior.
- To go along with this, the company’s outlook includes revenue between $207 million and $209 million for Q3.
- This would have it beating out Wall Street’s estimate of $206.17 million for the quarter.
- It’s also looking for annual recurring revenue between $876 million and $881 for fiscal 2022.
- That would also come in above analysts’ estimates of $854.95 million.
- All in all, it’s hard to pin down what exactly investors weren’t happy about in the earnings report.
- Even so, heavy trading has nearly 10 million shares of the stock changing hands.
- To put that in perspective, PATH stock’s daily average trading volume is about 3.1 million shares.
PATH stock was down 9.7% as of Wednesday morning.
Of course, there’s more stock market news worth talking about today.
Luckily, we’ve got all the latest stories ready to go for traders. That includes what has shares of Clover Health (NASDAQ:CLOV), WiMi Hologram Cloud (NASDAQ:WIMI), and Vinco Ventures (NASDAQ:BBIG) on the move today. You can get up to speed on this news at the links below!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.