UiPath shares fell sharply on the New York Stock Exchange after the company reported financial results that were not well received by analysts on Wednesday night.
For the entire fiscal year 2022, which ends on January 31, 2022, UiPath had revenues of $ 892 million, compared to $ 607.6 million in fiscal year 2021 and net losses of $ 526 million compared to $ 92 million. in the previous period, according to company data.
On Thursday, a UiPath stock opened at $ 22, minus 24%.
A year ago a stock was worth $ 90.
For the first quarter of the new fiscal year, UiPath said it expects revenues of $ 223 million to $ 225 million, below analysts’ expectations of $ 247 million.
The company said it was serving customers in more than 115 countries, including Eastern Europe and Russia, and that it was “prudent at this time to consider both our European exposure and the transition to market leadership in the financial perspective.” .
Daniel Dines, co-founder and CEO, noted that the situation in Europe has an impact on UiPath’s business. “I can tell you directly that this war has a profound impact on the sense of physical and economic security on the continent and in the United Kingdom. “As we begin our fiscal year, we think it’s prudent to make estimates that the uncertainty we see in the first quarter will continue.”
According to eToro analyst Bogdan Maioreanu, UiPath saw its stock decline after the company announced lower business forecasts for fiscal year 2023 than analysts’ expectations. “Part of the impact on the company’s business is attributed to the conflict in Ukraine. On the other hand, UiPath says it is further consolidating its lead over its competitors.
UiPath is the most valuable technology start-up in Romania, founded by Daniel Dines, a mathematics graduate in Bucharest who in the early 2000s worked for Microsoft at its Seattle headquarters.
UiPath started as a hope when it was listed on the New York Stock Exchange a year ago, but gradually the results were poor compared to analysts’ expectations.
The company is now worth $ 11 billion, after reaching a market capitalization of $ 45 billion a year ago.
Daniel Dines is the largest shareholder with a 20% stake. From $ 9 billion a year ago, it has reached $ 2 billion.
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