Shares of UiPath (NYSE: PATH) rocketed 26.7% on Friday, following the enterprise automation software company's release on the prior afternoon of a better-than-expected report for the third quarter of fiscal 2024 (ended Oct. 31).

The stock's steep rise is attributable to revenue and adjusted earnings exceeding Wall Street's estimates, with the bottom-line beat a sizable one. Fourth-quarter revenue guidance, which was slightly stronger than analysts had expected, likely also provided a tailwind for the stock.

Data source: UiPath. GAAP = generally accepted accounting principles. Fiscal Q3 2024 ended on Oct. 31, 2023.

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Source Fool.com