Why UiPath Stock Fell Almost 11% in December

Shares of UiPath (NYSE: PATH) fell 10.6% in December, according to data provided by S&P Global Market Intelligence. The stock fell early in the month after the company reported financial results for the third quarter of its fiscal 2022. It also pulled back after receiving an analyst downgrade in mid-December, in addition to the ones it received immediately following the earnings release. Lastly, technology growth stocks like UiPath generally took it on the chin in December, worsening the stock's underperformance for the month.

UiPath offers enterprise software that automates menial tasks to increase workplace productivity. On Dec. 8, the company reported third-quarter results outpacing analysts' expectations. It generated quarterly revenue of almost $221 million, whereas analysts only expected around $209 million. Moreover, on an adjusted profitability basis, UiPath broke even while Wall Street had expected a loss.

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Source Fool.com