It's been a long, slow, painful decline for software automation company UiPath (NYSE: PATH). Shares are down 85% from their all-time high reached in the spring of 2021. The good news is the business itself is still growing, but the bad news is that growth rate is slowing -- and profitability remains elusive. That's not exactly the right combination of factors shareholders want to see. 

Nevertheless, UiPath is still a promising stock long-term. So is it time to sell?

It was notable that UiPath crossed the mark of $1 billion in annualized recurring revenue (or ARR, which annualizes the value of recurring subscription sales) in Q2 of its 2023 fiscal year. Specifically, ARR was $1.04 billion, or up 44% from last year. However, quarterly revenue of $242 million was up at a far slower 24% pace, and down from the 32% quarterly revenue growth rate in Q1 2023.

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Source Fool.com