Here's Why UiPath Stock Soared Today

Shares of UiPath (NYSE: PATH) soared on Thursday after the company reported financial results for the first quarter of its fiscal 2023. These results beat analysts' expectations, and the company raised guidance for the year. As of noon ET today, the stock was up 17%.

UiPath provides automation software for businesses. In the first quarter, the company generated revenue of $245 million, which was up 32% year over year. This far outpaced its previous revenue guidance of $223 million to $225 million. Moreover, this was roughly $20 million more than what analysts had expected on average. This encouraging beat was likely enough to send the stock soaring.

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Source Fool.com