UiPath's (NYSE: PATH) stock tumbled 19% following the release of the company's second-quarter earnings report on Sept. 6. The automation software provider's revenue rose 24% year-over-year to $242.2 million, which beat analysts' estimates by $11.5 million. Its adjusted net loss of $11.4 million represented a steep drop from its net profit of $4.2 million a year earlier, but its adjusted net loss of $0.02 per share still cleared the consensus forecast by nine cents.
However, UiPath also provided lower-than-expected guidance for the rest of the year. It expects its revenue to grow just 10% to 11% year-over-year in the third quarter and to increase 12% to 13% for the full year. Analysts had been expecting roughly 22% year-over-year growth for both periods. That would also represent a significant deceleration from its 47% growth in fiscal 2022 (which ended this January) and its 81% growth in fiscal 2021.
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Source Fool.com