- UiPath’s revenue rose 19% from a year ago as demand for its AI software jumped.
- The company boosted its full-year revenue and operating profit estimates.
- UiPath announced a $500 million share repurchase program that will run until March 2025.
UiPath (PATH) shares surged 11% in early trading on Thursday after becoming the latest tech firm to credit the boom in demand for artificial intelligence (AI) products for strong quarterly results.
The software maker posted a second-quarter fiscal 2024 loss of $0.11, half its loss a year ago. Revenue was up 19% to $287.3 million.
Co-founder and co-CEO Daniel Dines said, “Harnessing the potential of AI is at the top of almost every executive’s agenda. Our automation platform enables customers to operationalize the promise of AI.”
Co-CEO Rob Enslin was optimistic about the second half of the year, explaining that the company’s momentum is building across the business “as customers recognize the need for efficiency in the current operating environment and the long-term structural advantages of automation.”
UiPath now anticipates full-year sales to be between $1.273 billion and $1.278 billion, up from its previous guidance of $1.267 billion to $1.272 billion. It projects non-GAAP operating income at $188 million versus the earlier estimate of $168 million.
The company also announced a $500 million stock buyback plan that runs until March 1, 2025.
With Thursday’s gains, UiPath shares are up about 40% so far this year.