- UiPath’s revenue was up 19 percent from a year ago.
- The company raised its full-year revenue and profit estimates.
- UiPath has announced a $500 million share repurchase program that will run through March 2025.
Shares of UiPath ( PATH ) rose 11% early Thursday after becoming the latest tech company to release demand for artificial intelligence (AI) products on strong quarterly results.
The software maker posted a fiscal 2024 second-quarter loss of $0.11, half the loss it experienced a year earlier. Revenue rose 19 percent to $287.3 million.
Co-founder and CEO Daniel Dice said, “Using the power of AI is at the top of every executive’s agenda. Our automation platform enables customers to realize the promise of AI.
The company’s general manager, Rob Enslin, was optimistic about the second half of the year, saying, “The company’s momentum is building in the business as customers recognize the importance of efficiency in the current work environment and the long-term benefits of automation.”
UiPath now estimates full-year sales to be between $1.273 billion and $1.278 billion, up from guidance of $1.267 billion to $1.272 billion. It projects non-GAAP operating income at $188 million, versus the previous estimate of $168 million.
The company announced a $500 million share buyback plan that runs through March 1, 2025.
With Thursday’s gain, UiPath shares are up nearly 40% this year.