UiPath's (NYSE: PATH) stock rallied nearly 17% on June 2 after the automation software developer posted its first-quarter fiscal 2023 earnings report. Its revenue rose 32% year over year to $245.1 million, which beat analysts' estimates by $19.7 million.
It reported an adjusted net loss of $17.5 million, compared to an adjusted net profit of $11.7 million a year earlier, but its adjusted net loss of $0.03 per share still bested the consensus forecast by $0.03. On a generally accepted accounting principles (GAAP) basis, its net loss narrowed from $239.7 million to $122.6 million.
UiPath's better-than-expected results were encouraging, but its stock still trades about two-thirds below its April 2021 IPO price of $56. Let's see why UiPath initially crashed, and whether its post-earnings pop can sustain itself.
Source Fool.com