Shares of workplace automation software company UiPath (NYSE: PATH) jumped on Friday following the release of financial results for the third quarter of its fiscal 2023. As of 10 a.m. ET, UiPath stock was up about 9%.

Q3 results were strong for UiPath. Revenue of $263 million was up 19% from the same quarter last year and significantly surpassed management's guidance of $245 million on the high end. Moreover, annual recurring revenue (ARR) jumped 36% year over year to $1.11 billion, which was more than the $1.093 billion management had hoped for.

Many on Wall Street abandoned UiPath stock when its revenue growth rate slowed and its operating cash flow trended lower. One notable exception has been Cathie Wood -- UiPath stock enjoys a 4.7% allocation in the ARK Innovation ETF.

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Source Fool.com