Shares of artificial intelligence software company UiPath (NYSE: PATH) have been rallying off of lows in recent weeks, driven by better-than-expected third-quarter earnings and a general relief rally in the stock market. Nevertheless, with the stock down over 80% from all-time highs reached in 2021, UiPath has a lot of work to do.

The technology company has been hit hard by the bear market this year along with other early-pandemic darlings. Is the worst now over for UiPath, and is it time to buy now?

For its 2023 fiscal third quarter (ended in October), UiPath announced revenue of $262.7 million, a 19% year-over-year increase, easily surpassing management's expectations for as much as $245 million from a few months ago. On an annualized recurring revenue (ARR) basis, revenue was up 36% year over year to $1.11 billion.

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Source Fool.com